PSX turns bullish, Gains Over 600 Points

Fri Apr 19 2024
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ISLAMABAD: After registering a record high last Monday, followed by a bearish trend for three consecutive days, the 100-Index of the Pakistan Stock Exchange (PSX) bounced back to the bullish trend on Friday, while gaining 619.79 points with a positive change of 0.88 percent. At close the market settled at 70,909.90 points against the last day closure of 70,290.12 points.

On last day of the week, 475,833,699 shares valuing Rs.23.220 billion were entertained against 440,314,409 shares valuing Rs.24.362 billion on Thursday.

In total, 370 companies traded their shares in the stock market, 200 of them managed to remain in green with gains, 149 met losses, whereas the share prices of 21 remained constant without a change.

Pak Refinery stood on top, among the top trading companies with 49,662,377 shares at Rs.30.09 per share, followed by Cnergyico PK with 26,777,007 shares with Rs.4.47 per share whereas Kohinoor Spinning settled with 22,834,000 shares at Rs.4.96 per share.

Unilever Pakistan Foods Limited recorded a maximum rise of Rs.200.00 per share price to settle at Rs.20,900.00, whereas Hoechst Pakistan Limited closed as the runner-up with an increase of Rs.97.49 in its per share price to Rs.1,397.49.

Rafhan Maize Products Company Limited registered a maximum fall of Rs.30.10 per share closing at Rs.8,350.00, followed by Services Industries Limited with a decrease of Rs.9.50 to close at Rs.602.50.

From Bearish to Bullish Run at PSX

During last several months, the market swung both way, with a dominant bullish flow 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 100-index got over 8000 points whereas during last seven months the market surpassed 24000 points.

Meanwhile, the 100-index got several consecutive all-time high 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 observing 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 index turned down by more than 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points. During 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 68000 benchmark, and then finally the last one while crossing the historic 70000 mark. Only the last three days witnessed a slight bearish flow that turned bullish again on Friday.

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