ISLAMABAD: Despite some positive indicators in the currency market, with the recent inflow from the IMF and a $2 billion roll-over from UAE, the 100-index of Pakistan Stock Exchange (PSX) continued its bullish trend from the fourth consecutive due to a couple of reasons. The two major indicators included profit-taking and the recent Pak-Iran tension.
A close on Thursday the index lost 364.93 points further with a negative change of 0.57 percent to settle at 63,202.40 points against 63,567.34 points last day. Last day the market lost 170 points while on Tuesday the index went down by over 500 points.
On Thursday, 445,797,697 shares valuing Rs.14.236 billion were entertained against 421,331,988 shares valuing Rs.18.579 billion on Wednesday.
In total, 345 companies traded their shares in the market, 96 witnessed gains, 227 sustained fall while the share prices of 22 remained unchanged.
As obvious for the last couple of days, K-Electric Limited remained the volume leader, among the top-three trading companies with 59,720,141 shares at Rs.5.47 per share followed by PIAC(A) with 40,427,500 shares at Rs.11.56 per share whereas WorldCall Telecom settled as number three from top with 35,387,750 shares at Rs.1.30 per share.
Rifhan Maize Products Company Limited recorded a maximum gain of Rs.149.00 per share price to close at Rs.8,950.00, whereas Philip Morris (Pakistan) Limited settled as the runner-up with a gain of Rs.55.09 in its per share price to Rs.789.59.
Unilever Pakistan Foods Limited recorded a maximum fall of Rs.397.00 per share closing at Rs.21,900.00, followed by Pakistan Tobacco Company Limited with a decline of Rs.57.39 to close at Rs.1,027.61.
From Bullish to Bearsh Trend at PSX
Despite the bearish trend for the last four days, the 100-index mostly witnessed bullish trend during last two to three months, where the market has recorded a historic upward trend by gaining about 60%.
Meanwhile, in 2nd quarter of December, 2023 (till 26th), a brief bearish sentiments prevailed due to profit-taking and correction process. However, in general the market achieved 14000 points during last two months. In November. 2023, the 100-index surpassed 8000 points while during last five months the 100-index benchmark got historical 24000 plus points.
In addition, during last few months, the 100-index witnessed several consecutive all-time high. After setting a number of records in November, 100-index reached 60000 benchmark. Meanwhile the market continued the same upward trend in first quarter of December and till December 12 it achieved over 5000 points to reach above 66000 points.
However, from December 13 the market turned bearish with a major fall on 20th December (over 2300 points) and December 22nd (over 1100 points), again followed by a bloodbath on 26th December by more than 2500 points. Later the market turned bullish to achieve more than 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points. However, during last few days, the market remained mostly stable with a bearish sentiments during last four days
