Pakistan Stock Exchange Turns Bullish, Gains 89 Points

Tue Apr 02 2024
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ISLAMABAD: After observing two days of bullish sentiments, the 100-index of the Pakistan Stock Exchange (PSX) turned back to the bullish trend on Tuesday while gaining 89.94 points with a slight positive change of 0.13 percent. At close the index settled at 66,886.26 points as compared to 66,796.32 points the previous day. 

On Tuesday, 239,650,377 shares valuing Rs.8.940 billion were entertained against 238,829,562 shares valuing Rs.8.365 billion on the last day.

In total, 342 companies traded their shares in the stock market, 160 of them recorded gains and remained in green, 153 met with losses, whereas the share prices of 29 remained unchanged. 

WorldCall Telecom remained the volume leader among the top-three trading companies with 32,343,929 shares at Rs.1.35 per share followed by PTCL with 27,131,713 shares at Rs.16.46 per share and Pak Reinsurance settled with 13,127,500 shares at Rs.15.46 per share.

Hallmark Company Limited experienced a maximum appreciation of Rs.39.60 per share price, closing at Rs.576.07, whereas Pak Services Limited settled as the runner-up with an increase of Rs.34.50 in its per share price to Rs.974.50.

Pakistan Tobacco Company Limited recorded a maximum fall of Rs.47.85 per share closing at Rs.1,075.10, followed by Abbott Laboratories (Pakistan) Limited with a decline of Rs.23.22 to settle at Rs.455.56.

Bearish, Bullish Nexus at Pakistan Stock Exchange 

The 100-index moved both ways, in recent times, with a dominant bullish flow, where the market surpassed a couple of historic bullish slots by getting about 60% in the last 8 months. 

Only in November 2023, the 100-index achieved over 8000 points whereas during the last seven months, the market surpassed 24000 points.

Meanwhile, the 100-index crossed several consecutive all-time highs recently. After having a number of records, the market achieved the historic 66000 benchmark for the first time in the first quarter of December 2024.

However, from December 13, 2023, the index turned bearish while observing a significant fall first on 20th December (over 2300 points) and then on December 22nd (over 1100 points), again followed by a bloodbath on 26th December 2023, while going down by over 2500 points. Subsequently, the market turned up by over 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points. During the last few days, the market expedited its pace till it surpassed the new historic high of 67000 last Thursday.

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