ISLAMABAD: After losing over 1000 points, the 100-Index of the Pakistan Stock Exchange (PSX) continued the bearish trend for the second consecutive day as on Tuesday the market went down by 592.49 points with a negative change of 0.83 percent. At close the index settled at 71,102.55 points against the last day closing of 71,695.03 points.
The bearish trend for the last two days was attributed to the correction process as the market had already reached record high level. Traders expected another bullish rally from Wednesday due to recent optimistic news including disbursement of the final tranche of the IMF on Tuesday.
Meanwhile, on Tuesday, 560,552,783 shares valuing Rs 25.730 billion were entertained against the last day shares of 613,314,754 valuing Rs 26.314 billion.
In total, 384 companies traded their shares in the stock market, 113 witnessed gains, 244 sustained losses, whereas the prices of 27 companies remained unchanged.
WorldCall Telecom remained the volume leader among the top-three trading companies with 47,688,025 shares at Rs 1.28 per share followed by Pace (Pak) Limited as runner-up with 27,121,500 shares at Rs 3.29 per share, whereas Pak Petroleum settled with 23,164,949 shares at Rs114.91 per share.
Unilever Pakistan Foods Limited recorded a maximum increase of Rs 446.29 per share price to settle at Rs 20,000, while Al-Abbas Sugar Mills Limited settled as the runner-up with a rise of Rs 43.53 in its per share price to Rs 25.40.
Hallmark Company Limited witnessed a maximum fall of Rs 90.02 per share closing at Rs 1,149.12, followed by Sapphire Fibres Limited with a decline of Rs 69.12 to close at Rs 1,423.33.
Recent Record Bullish Trend at PSX
During the last couple of months, the 100-index oscillated both way, with a dominant 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 got more than 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 received 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 fall, 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 momentum till it surpassed the new historic high of 67000 on 28th March, followed by 70,000 mark in early April. In the last two weeks, the market first surpassed the 71,000 barrier and then 72000 benchmark.
