ISLAMABAD: After witnessing a historic high last day, the 100-index of the Pakistan Stock Exchange (PSX) turned bearish as part of the correction process on Friday while losing 137.02 points with a negative change of 0.20 percent. At close the index settled at 67,005.11 points as compared to 67,142.12 points last day.
Last day the 100-index gained about 600 points and surpassed a new historic high of 67000 points for the first time.
Meanwhile, on Friday, 313,035,305 shares valuing Rs.9.899 billion were entertained against 421,118,268 shares valuing Rs.16.159 billion the previous day, whereas 343 companies in total, traded their shares in the stock market, 136 of them recorded gains to remain in the green zone, 188 met losses, whereas the share prices of 19 remained unchanged.
PIAC (A) remained the volume leader among the top-three trading companies with 39,192,500 shares at Rs.31.54 per share followed by PTCL with 32,214,179 shares at Rs.18.27 per share whereas Cnergyico PK settled with 18,949,050 shares at Rs.4.42 per share.
Hoechst Pakistan Limited recorded a maximum appreciation of Rs.70.00 per share price to settle at Rs.1,300.00, whereas Pakistan Tobacco Company Limited closed as the runner-up with an increase of Rs.42.95 in its per share price to Rs.1,122.95.
JDW Sugar Mills Limited observed a maximum decline of Rs.15.50 per share closing at Rs.452.00, followed by Mehmood Textile Mills Limited with a fall of Rs.10.97 to close at Rs.383.03.
From Bearish to Bearish Trend
Recently, the 100-index moved both ways, with a dominant bullish flow, where the market reached a couple of historic bullish points by getting about 60% in the last 8 months.
Only in November 2023, the 100-index got over 8000 points while during the last seven months, the market crossed 24000 points.
Meanwhile, the 100-index surpassed several consecutive all-time highs recently. After having a number of records, the 100-index achieved the historic 66000 benchmark for the first time in the first quarter of December 2024.
However, from December 13 the index went down with a significant fall on 20th December (over 2300 points) and 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 on Thursday.
