ISLAMABAD: After losing over 1500 points in the last two sessions, the 100-Index of the Pakistan Stock Exchange (PSX) continued the bearish trend on Thursday while losing 444.91 points further with a negative change of 0.63 percent. At close the index settled at 70,657.64 points against the previous day’s closing of 71,102.55 points.
On Thursday, 436,993,041 shares valuing Rs 19.024 billion were entertained against the previous day’s shares of 560,552,783 valuing Rs 25.730 billion. In total, 365 companies traded their shares in the stock market, 103 witnessed gains, and 234 met losses, whereas the prices of 28 companies remained unchanged.
K-Electric Limited remained the volume leader among the top-three trading companies with 30,103,286 shares at Rs 4.23 per share followed by WorldCall Telecom with 25,120,582 shares at Rs1.26 per share whereas Bank of Punjab settled with 20,168,992 shares at Rs4.90 per share.
Sapphire Fibres Limited recorded a maximum appreciation of Rs 56.42 per share price, closing at Rs 1,479.75, while Khyber Tobacco Company Limited settled as the runner-up with an increase of Rs 20.25 in its per share price to Rs 290.29.
Unilever Pakistan Foods Limited recorded a maximum decline of Rs 717.85 per share to settle at Rs 19,282.15, followed by Hallmark Company Limited with a fall of Rs 86.15 to close at Rs 1,062.97.
Bearish, Bullish Trend at PSX
During the last couple of months, the 100-index swung both ways, with a leading bullish trend while setting a number of records on high, by getting about 60% in the last 8 months including the last one.
Only in November 2023, the market achieved over 8000 points while during the last seven months, the market managed to achieve 24000 points. Meanwhile, the 100-index got several all-time highs recently as the 100-index touched 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 recording 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 bearish by over 2500 points. Later the market turned up by over 2900 points followed by another historic bullish flow on a single day (1st January) to get over 2200 points. During the last two months, the market kept its bullish run till it crossed the new historic high of 67000 on 28th March, followed by the 70,000 mark in early April. In the last two weeks, the market first surpassed the 71,000 barrier and then the 72,000 benchmark, followed by a bearish trend in the last three sessions.
