PSX Turns Bearish After Record High, Losses 74 Points

Tue Apr 23 2024
icon-facebook icon-twitter icon-whatsapp

ISLAMABAD: After getting over 1100 points during the last two sessions, and after reaching a record high of over 71000 points, the 100-Index of Pakistan Stock Exchange (PSX) turned slightly bearish on Tuesday while losing 74.06 points with a slight negative change of 0.10 percent. At close the index settled at 71,359.41 points against the previous day’s closing of 71,433.46 points.

On Tuesday, 655,935,508 shares valuing Rs.24.485 billion were entertained in the market, against the previous day’s shares of 655,205,105 valuing Rs. 31.248 billion.

In total, 371 companies traded their shares in the stock market, 170 of them recorded gains, 179 met losses, whereas the share prices of 22 remained constant.

K-Electric Limited remained the volume leader among the top three trading companies with 67,160,023 shares at Rs.4.05 per share followed by Pak Int. Bulk with 46,349,500 shares at Rs.6.63 per share, whereas Fauji Cement settled with 45,924,220 shares at Rs.20.37 per share.

Hallmark Company Limited registered a maximum appreciation of Rs.64.57 per share price to settle at Rs.928.57, whereas Sazgar Engineering Works Limited settled as the runner-up an increase of Rs.29.45 in its per share price to Rs.626.15.

Rafhan Maize Products Limited observed a maximum fall of Rs.184.90 per share closing at Rs.8,125.10, followed by Unilever Pakistan Foods Limited with a decrease of Rs.58.84 to close at Rs.20,474.50.

Bullish Run at PSX 

During the last several months, the 100-index swung both ways, with a dominant bullish flow 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 more than 8000 points whereas during the last seven months, the market managed to get 24000 points.

Meanwhile, the 100-index got scores of 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 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 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.


icon-facebook icon-twitter icon-whatsapp