ISLAMABAD: After losing a minimal 80 points last day, the Pakistan Stock Exchange (PSX) bounced back and resume its upward trajectory while gaining 771.34 points with a positive change of 1%. At close the index settled at 72,742.74 against the last day closing of 71,971.40 points.
During the day, buying was witnessed across-the-board including automobile assemblers, cement, fertilizer, oil and gas exploration companies and refinery where most of the entities remained in the green.
According to economy experts, the ongoing bullish momentum dominated the market due to the anticipation of a rate cut among investors in the upcoming Monetary Policy Committee (MPC) meeting of the State Bank of Pakistan (SBP) scheduled on Monday.
Record Bullish Trend at PSX
During last couple of months, the 100-index oscillated both ways, with a dominant bullish trend while setting a number of records on high, by getting about 60% in last 8 months including the last one.
Only in November, 2023, the 100-index got over 8000 points while during last seven months the market managed to achieve 24000 points.
Meanwhile, the 100-index got several all-time high recently. After several records, the 100-index achieved the historic 66000 benchmark for the first time in the first quarter of December 2023.
Meanwhile, from December 13, 2023 the index turned down while registering a significant decline, 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. Later the market turned bullish by over 2900 points followed by another historic bullish flow on a single day (1st January) to get over 2200 points. During last two months, the market kept its bullish trend till it surpassed the new historic high of 67000 on 28th March, followed by 70000 marks in early April. In last two weeks the market first surpassed 71000 barrier and then 72000 benchmark twice.
