ISLAMABAD: After going up for about 2000 points followed by a marginal decline of 3 points yesterday, the 100-Index of the Pakistan Stock Exchange (PSX) registered a bearish trend on Wednesday by shedding 159.38 points with a negative change of 0.22 percent. At close the index settled at 72,601.82 points compared to the last day closing of 72,761.20 points.
Despite a bearish trend, the index settled above the 72000 historic benchmark.
Meanwhile, on Wednesday, 970,325,029 shares valuing Rs 23.514 billion were transacted against the previous day’s shares of 621,826,404 valuing Rs 24.970 billion.
In total, 388 companies entertained their shares in the stock market, 149 of them registered gains, and 208 suffered losses, whereas the share price of 31 companies remained unchanged.
WorldCall Telecom remained the volume leader among the top-three trading companies with 407,883,727 shares at Rs 1.51 per share followed by K-Electric Limited with 68,032,121 shares at Rs 4.68 per share, whereas Hum Network settled with 56,105,156 shares at Rs 9.03 per share.
Services Industries Limited registered an increase of Rs 49.60 per share price to settle at Rs710.91, whereas Highnoon Laboratories Limited settled as the runner-up with Rs 26.83 decline to close at Rs649.82.
Meanwhile, Unilever Pakistan Foods Limited recorded a maximum fall of Rs552.77 per share to settle at Rs18,995.18, followed by Hallmark Company Limited with a decrease of Rs68.00 to close at Rs 838.62
Bearish, Bullish Trend at PSX
During last couple of months, the 100-index oscillated both ways, with a leading bullish trend 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 the last seven months, the market managed to achieve over 24000 points.
In addition, the 100-index reached several all-time highs 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 bearish while registering 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 losing over 2500 points. Later the market turned bullish by over 2900 points followed by another historic bullish run on a single day (1st January) to get over 2200 points. During the last two months, the market kept its bullish trend till it surpassed the new historic high of 67000 on 28th March, followed by the 70,000 mark in early April. In the last couple of weeks, the market first crossed the 71,000 barrier and then the 72,000 benchmark.
