ISLAMABAD: After losing about 950 points in last three working session, the 100-index of the Pakistan Stock Exchange (PSX) continued the bearish sentiments for the 4th consecutive session as on Tuesday, the index lost 931.98 points further with a negative change of 1.48 percent. At close the index settled at 61,841.74 points as compared to 62,773.72 points last day.
The index continued its bearish trend, due to political volatility in the country, including a decision by the trial court of 10 year imprisonment each for PTI Chairman and Vice Chairman in the cypher case.
On Tuesday, 436,120,659 shares valuing Rs 15.286 billion were tackled against 317,577,239 shares valuing Rs.10.693 billion the previous day.
In total, 346 companies traded their shares in the stock market, 76 recorded gains, 249 remained in the red zone with losses, whereas the share prices of 21 remained unchanged.
K-Electric Limited remained the volume leader among the top-three trading companies with 52,895,427 shares at Rs.4.65 per share followed by WorldCall Telecom with 29,219,100 shares at Rs.1.23 per share, whereas Hascol Petrol settled with 24,692,000 shares at Rs.7.91 per share.
Rafhan Maize Products Company Limited enjoyed a maximum upbeat of Rs.400.00 per share price and closed at Rs.9,200.00, whereas Bata Pakistan Limited settled as the runner-up with an increase of Rs.20.00 in its per share price to Rs.1,760.00.
Unilever Pakistan Foods Limited experienced a maximum decline of Rs.1,687.50 per share closing at Rs.20,812.50, followed by Colgate-Palmolive (Pakistan) Limited with a fall of Rs.109.27 in its share to close at Rs.1,444.33.
From Bullish to Bearsh Trend at PSX
Despite the recent oscillation in the market, with a bearish trend for the last four days, the stock market mostly enjoyed bullish spree during last couple of months, where the market also achieved a historic upward trend by gaining about 60% in last 6 months.
In middle of December 2023, the 100-index witnessed a bearish trend, due to profit-taking and correction process. However, in general the market got 14000 points during last two months. In the month of November, 2023, the index improved by 8000 points while during last five months the 100-index benchmark crossed historical 24000 points.
Meanwhile, the 100-index witnessed several consecutive all-time high recently. After placing a number of records in November, 100-index crossed the historic 60000 benchmark. The market continued the same bullish trend in first quarter of December and till December 12 it achieved over 5000 points to reach 66000 plus points.
However, from December 13 the market turned bearish with a major decline on 20th December (over 2300 points) and on December 22nd (over 1100 points), again followed by a bloodbath on 26th December, while going bearish by over 2500 points. Later the market turned bullish to achieve over 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points.
