ISLAMABAD: After plummeting by more than 1500 points over the last three working days, the KSE-100 index of the PSX (Pakistan Stock Exchange) turned from bearish to bullish on Thursday, gaining 1015 points to settle at 65064, marking a positive change of 1.59 percent.
The market had experienced a loss of over 700 points the previous day amid selling pressure and profit-taking. However, on Thursday, as the market turned bullish again, some heavyweight sectors including auto, refineries, cement, and food sectors opted for buying and remained in the green.
Meanwhile, according to the Ministry of Finance, authorities from the government of Pakistan and the International Monetary Fund (IMF) team would initiate discussions on the second review of the $3 billion Stand-by Arrangement (SBA) from Thursday, which is considered a major development for boosting economic activities in the country.
On Thursday, the total volume on the all-share index rose to 315.24 million from the previous day’s figure of Rs. 252.75 million, whereas the value of shares appreciated to Rs. 10.48 billion from the previous day’s figure of Rs. 9.24 billion.
WorldCall Telecom remained the volume leader among the top three trading companies with 42.74 million shares, followed by Cnergyico PKR as the runner-up with 36.11 million shares, whereas Kohinoor Spinning settled with 19.58 million shares.
In total, 336 companies traded their shares, with 248 registering gains, 72 witnessing losses, while 16 remained unchanged.
Bullish and Bearish Trend at Pakistan Stock Exchange
In recent months, the 100-index has mostly witnessed bullish sentiments, enjoying significant bullish momentum by gaining about 60% over the last 7 months.
In general, the market surpassed 4000 points during the past couple of months. In November 2023, the 100-index turned bullish, gaining 8000 points, while over the last seven months, the market gained over 24000 points.
Meanwhile, the 100-index reached several consecutive recent all-time highs. After setting numerous records in November, the 100-index achieved the historic 60000 benchmark for the first time. The index continued its bullish pace in the first quarter of December and by December 12th, it had surpassed 5000 points, reaching over 66000 points.
However, on December 13th, the index turned bearish, experiencing a significant decline on December 20th and December 22nd, followed by a major downturn on December 26th, 2023, with a decline of over 2500 points. The market later turned bullish, gaining over 2900 points, followed by another historic bullish trend on a single day (January 1st), gaining over 2200 points. The market has oscillated both ways until the present date.
