ISLAMABAD: After losing over 450 points on the last working day, the 100-index of the Pakistan Stock Exchange (PSX) continued the trend on Wednesday while losing 681.19 points with a negative change of 0.90 percent. At close the index settled at 74,836.30 points against the previous day’s closing of 75,517.49 points.
On Wednesday, 408,073,662 shares valuing Rs 16.500 billion were entertained against the previous day’s shares of 446,071,483 valuing Rs 16.406 billion.
In total, 405 companies traded their shares in the stock market, 85 of them recorded gains, 277 met losses, whereas the share price of 43 companies registered no change.
K-Electric Limited remained on top among the top-three trading companies with 38,647,880 shares at Rs 4.91 per share, followed by WorldCall Telecom with 22,383,107 shares at Rs 1.34 per share whereas Dewan Motors settled with 19,354,593 shares at Rs 41.42 per share.
PIA Holding Company Limited registered a maximum appreciation of Rs 60.83 per share price to settle at Rs 889.25, while Services Industries Limited settled as the runner-up with an increase of Rs 43.83 per share price to Rs 918.63.
Hoechst Pakistan Limited recorded a maximum decline of Rs 113.80 per share to close at Rs 1,358.70, followed by Hallmark Company Limited with a decrease of Rs 45.27 to close at Rs 534.26.
Bullish, Bearish Trend at PSX
During the last six to seven months, the 100-index oscillated both ways, with a major bullish flow particularly in May 2024 resulting in a number of records on high, by getting about 60% in the last 8 months including the last one.
Earlier, the market achieved the historic 66000 mark in December 2023, followed by some bearish trajectory. In March 2024, however, the market bounced back to surpass the 67,000 mark followed by the 70,000 mark in early April.
During the last couple of weeks, the market first crossed the 72,000 level, followed by the 73,000 benchmark at the beginning of May. The recent continued bullish flow took the market first to the 74,000 mark on 14th May, and then even surpassed another historic high of 75,000 benchmark on May 17.
