ISLAMABAD: The Pakistan Stock Exchange (PSX) on Thursday morning continued the bullish trend and at one time hitting the 6-year high of 49000 points came down due to a correction process. At the closing of the trading, the index lost 153.37 points with a negative change of 0.31 percent to settle at 48,611.18 points against 48,764.55 points on Wednesday.
Earlier in the morning session, the market moved swiftly and crossed 49,000 points to reach 49404, the highest ever during the last six years. Crossing the 49000 benchmark was a significant milestone for the market, however, in the middle of the day, the market was not able to sustain the level. During the second session of the day, the investors restored to consolidating gains and booked profits, consequently dragging the significant benchmark down.
On Thursday a total of 526,039,924 shares were transacted against 556,141,485 shares the previous day, whereas the price of shares stood at Rs 19.032 billion compared to Rs 19.989 billion on Wednesday.
Bullish Trend at PSX
It is worth noting that the PSX continued its bullish trend for the last one month, after the IMF staff-level meeting (30 June) over the standby agreement of $4.2 billion with Pakistan, among which a tranche of $1.2bn has been received by Pakistan in the middle of July this year. Consequently, the PSX gained over 7000 points during the last four weeks, which was an optimistic sign for the market and the country.
Meanwhile, on Wednesday, 367 companies traded their shares in the stock market; 129 of them witnessed gains, and 216 sustained losses, whereas the share price of 22 companies was entertained without a change.
Like the previous day, Cnergyico PK occupied the top slot among the three top-trading companies with 33,210,716 shares at Rs 3.67 per share, and K-Electric settled as the runner up with 25,427,937 shares at Rs.2.35 per share, followed by Oil and Gas Dev with 24,521,243 shares at Rs 104.26 per share.
Rafhan Maize witnessed a significant increase of Rs 201.03 per share price, closing at Rs8,999.00, followed by Sanofi-Aventis with an increase of Rs 50.00 in its per share price to Rs 800.00.
Allawasaya Tex recorded a maximum decline of Rs 144.00 per share closing at Rs 1,880.00, followed by Nestle Pakistan with a decrease of Rs 80.00 to close at Rs 7,070.00. Last day Nestle Pakistan witnessed an increase of Rs 50 in its per share.
