PSX Continues Bullish Trend, Gains 523 Points Further to Reach New High

Mon Apr 22 2024
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Islamabad: Over getting over 600 points last Friday, the Pakistan Stock Exchange (PSX) continued the bullish momentum on Monday while gaining 523 points further to reach another historic high while crossing the 71,000 benchmark. At close the index settled at 71,433.46, for the first time in history, with an increase of 0.74%.

Even in the middle of Monday’s session, once the index reached 71,861.18. On Friday the market closed near 71,000.

Meanwhile, on Monday, buying was witnessed in major sectors including automobile assemblers, cement, chemical, commercial banks, oil & gas exploration companies and OMCs as most of the major companies opted to remain in the green.

Pakistan stocks have rallied in recent months as the country successfully draws the curtain on the $3-billion Stand-By Arrangement with the IMF, and prepares ground for a larger, longer programme with the lender.

Toal, volume on the all-share index went up to 655.20 million from 475.83 million in the previous session, whereas the value of shares increased to Rs31.25 billion from the last day’s value of Rs23.22 billion.

Habib Bank remained the volume leader among the top three trading companies with 48.15 million shares, followed by Pak Refinery with 30.50 million shares and Pak Elektron settled with 28.60 million shares.

In total, 389 companies entertained their shares, 217 registered gains, and 140 met a decline while the share price of 32 companies remained unchanged.

Bullish Run at PSX 

During the last several months, the market swung both ways, with a dominant bullish trend while setting a number of record highs, by getting about 60% in the last 8 months including the last one. 

Only in November 2023, the 100-index got over 8000 points whereas during the last seven months, the market managed to get 24000 points.

Meanwhile, the 100-index got several consecutive all-time highs recently. After having a number of records, the market got 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 observing 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 down by over 2500 points. Later the market turned down by over 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points. During the last few days, the market kept its bullish flow till it surpassed the new historic high of 67000 on 28th March, followed by another record on the first week of April, to cross the 68000 benchmark, followed by another one while crossing the historic 70000 mark. At present the market witnessed a new historic high of over 71000 points.

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