ISLAMABAD: After appreciation by over 50 points last day, the Pakistan Stock Exchange (PSX) continued the bullish run on Friday to get 427 points further. At close the index settled at 73086 against the previous day closing of 72,658.05 points. The market crossed 73000 benchmark for the first time in history.
On Friday, buying momentum occupied the market and even during the middle session the market gained over 600 points to reached over 73260.
During the trading most of the heavy sectors including cement, chemical, commercial banks, oil and gas exploration companies, and OMCs, LUCK, OGDC, PPL, PSO, SNGPL, SSGC opted for buying and remained in the green.
Market experts attributed the recent continues bullish run to the improved economic conditions including improvement in remittances foreign exchange reserves of the country.
In addition, experts also expect a possible cut in the policy rate in the upcoming Monetary Policy Committee (MPC) meeting to be held on June 10, that might bring down the inflation rate.
In another major development, the inflows of workers’ remittances went up by 27.9% on year-on-year basis to settle at $2.8 billion during April 2024.
Bearish, Bullish Trend at PSX
During last couple of months, the 100-index oscillated both way, with a leading bullish run 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 index got more than 8000 points while during last seven months the market managed to achieve over 24000 points.
In addition, the 100-index got several all-time high recently as the market surpassed 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 witnessing a major 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 losing over 2500 points. Later the market turned bearish by over 2900 points followed by another historic bullish run on a single day (1st January) to get over 2200 points. During last two months, the market kept its bullish trend till it crossed the new historic high of 67000 on 28th March, followed by 70000 mark in early April. In last couple of weeks the market first crossed 71000 barrier, then 72000 slot and now 73000 benchmark.
