PSX Witnesses 4th Consecutive Bullish Trend, Gains 901 Points Further

Fri Feb 23 2024
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ISLAMABAD: The 100-index of the Pakistan Stock Exchange (PSX) continued with bullish trend for the fourth consecutive day, as on Friday, the market gained 901.48 points further with a positive change of 1.46 percent. At close the index settled at 62,815.82 points against the last day stand of 61,914.34 points.

On Friday, 377,974,404 shares valuing Rs 16.011 billion were entertained against 324,830,445 shares valuing Rs13.966 billion on Thursday.

In total, 339 companies traded their shares in the stock market, 201 of them remained in green to observe gains, 118 sustained losses, while the share prices of 20 remained unchanged.

Kohinoor Spinning remained the volume leader among the top-three trading companies with 36,167,000 shares at Rs 4.59 per share followed by K-Electric Limited as runner-up with 26,534,263 shares at Rs 4.39 per share whereas Yousuf Weawing settled with 16,722,000 shares at Rs 4.12 per share.

Mari Petroleum Limited recorded a maximum surge of Rs 52.02 per share price to settle at Rs 2,266.70, whereas Hoechst Pakistan Limited settled as the runner-up with a rise of Rs 29.00 in its per share price to Rs 1,350.00.

Reliance Cotton Spinning Mills Limited recorded a maximum decline of Rs 39.88 per share closing at Rs 492.00, followed by Siemens Pakistan Engineering with a fall of Rs 13.63 to close at Rs 586.37.

Bullish Trends at PSX

During last few months, the 100-index mostly observed a bullish flow, where the market also recorded a historic bullish pace by gaining about 60% in last 6 months.

In general, the market achieved over 14000 points during last couple of months. In November, 2023, the market appreciated by 8000 points while during last five months the 100-index benchmark got the historical 24000 points.

Meanwhile, the 100-index surpassed several consecutive all-time high in recent past. After having a number of records in November, 100-index surpassed the historic 60000 benchmark. The market continued the same bullish sentiments in first quarter of December and till December 12 it crossed 5000 points to reach 66000 plus points.

However, from December 13 the index went bearish with a significant decline 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. Later the market went up to achieve over 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points. Later the market swung both way till date, with a major bearish trend during last couple of days, where the market lost over 4000 points, followed by a bullish trend for the last four days.


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