PSX Stays Bullish for 3rd Consecutive Session, Gains 398 Points

Fri Dec 29 2023
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ISLAMABAD: After witnessing a massive gain of over 2600 points during last two days, the 100-index of the Pakistan Stock Exchange (PSX) on Friday continued the bullish sentiments while gaining 398.81 points with a positive change of 0.64 percent. At close the index settled at 62,451.04 points against 62,052.24 points, last day.

Like the last two days, most of the companies including automobiles, commercial banks, chemicals, oil and gas exploration companies etc remained in the green zone while opting for buying.

On Friday, 590,592,624 shares valuing Rs.16.844 billion were entertained against 676,243,466 shares valuing Rs. 20.278 billion on Thursday.

In total 359 companies traded their shares in the stock market, 207 witnessed gain and remained in the green, 130 met fall, whereas the share prices of 22 companies remained unchanged.

K-Electric Ltd remained the volume leader among the top-three trading companies with 141,792,931 shares at Rs.5.26 per share, whereas Fauji Foods settled as the runner-up with 28,270,145 shares at Rs.11.14 per share followed by Worldcall Telecom with 27,871,949 shares at Rs.1.41 per share.

Nestle Pakistan observed a maximum appreciation of Rs.203.00 per share price, closing at Rs. 8,203.00, whereas Rafhan Maize settled as the runner-up with an increase of Rs.198.00 per share price to trade at Rs.9,998.00.

Unilever Pakistan Foods recorded a maximum decline of Rs.99.00 per share closing at Rs. 21,900.00, followed by Sapphire Fiber with a decrease of Rs.42.58 to close at Rs.1,657.05.

From Bearish to Bullish Trend at PSX

Last two and a half months experienced an impressive Bullish trend while during last several months the KSE-100 Index has witnessed a historic bullish spree after gaining about 60%.

However, the last two weeks observed a massive bearish trend due to profit-taking and correction process. Only in last two months the market gained over 14000 points. In November the 100-index got over 8000 points while during last five months the 100-index achieved historical 24000 plus points.

In addition, the last couple of weeks, enjoyed several consecutive all-time high at PSX. After breaking few records in the middle of November, index surpassed a new historic high and crossed 58000 benchmark. At the end of November, the index crossed 60000 mark. Meanwhile the market continued the same bullish trend in first quarter of December and till December 12 it gained over 5000 points to reach above 66000 points.

However, from December 13 the market switched over to the massive bearish trend with a major decline on 20th December (over 2300 points) followed by another bearish trend of over 1100 points on 22nd of December, followed by a bloodbath last Tuesday by over 2500 points. But during last 3 days, the market turned bullish to gain over 2900 points.

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