PSX Stays Bullish for 2nd Day, Gains 869 Points Further

Wed Apr 03 2024
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ISLAMABAD: After getting 89 points last day, the 100-index of the Pakistan Stock Exchange (PSX) continued the bullish trend on Wednesday while gaining 869.77 points with a positive change of 1.30 percent. At close the index settled at 67,756.04 points against the last day’s stand of 66,886.26 points.  

On Wednesday, 361,823,380 shares valuing Rs.11.901 billion were entertained as compared to 239,650,377 shares valuing Rs.8.940 billion the previous day.

In total, 340 companies traded their shares in the stock market, 208 of them recorded gains and remained in green, 108 met losses, whereas the share prices of 24 remained unchanged. 

In the future (trading) market, 307 companies transacted shares in the market, 212 recorded gains, and 86 faced losses whereas the share prices of 9 companies observed no change.

Amid the trading, PIAC(A) remained the volume leader among the top-three trading companies with 38,235,500 shares at Rs.25.22 per share followed by Flying Cement with 21,459,500 shares with Rs.8.79 per share whereas WorldCall Telecom settled with 20,977,567 shares at Rs.1.38 per share.

Hallmark Company Limited recorded a maximum increase of Rs.43.21 per share price to settle at Rs.619.28, while Lucky Cement Limited settled as the runner-up with an increase of Rs.36.47 in its per share price to Rs.798.66.

Hoechst Pakistan Limited witnessed a maximum decline of Rs.49.50 per share closing at Rs.1,250.50, followed by Shahmurad Sugar Mills Limited with a fall of Rs.28.54 to close at Rs.541.46.

Bullish Trend Dominates PSX 

The 100-index oscillated both ways, in recent times, with a dominant bullish flow, where the market crossed a couple of historic bullish slots by getting about 60% in the last 8 months. 

Only in November 2023, the 100-index achieved over 8000 points whereas during the last seven months, the market surpassed 24000 points.

Meanwhile, the 100-index achieved several consecutive all-time highs recently. After having a number of records, the market achieved the historic 66000 benchmark for the first time in the first quarter of December 2024.

However, 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. Subsequently, the market turned up 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 expedited its pace till it surpassed the new historic high of 67000 last Thursday and now heading towards another historic high.

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