ISLAMABAD: After breaking a couple of records with a significant bullish trend last Friday, the 100-index of the Pakistan Stock Exchange (PSX) finally went down by 211.31 points with a bearish trend and with a negative change of 0.32 percent. At close, the index settled at 66,012.33 points compared to 66,223.63 points on Friday.
The bearish trend in the market occurred due to profit-taking by the investors, particularly in the banking sector. Even in the market, the index went down by over 900 points. However, due to the continued positive impact of the market, it went up in the middle session and lost just over 200 points till the day’s end.
On Monday, a total of 1,215,932,469 shares valuing Rs.33.423 billion were transacted during the day against 1,329,550,091 shares valuing Rs.33.377 billion the previous day.
In total, 386 companies traded their shares in the stock market; 159 of them recorded gains to remain in the green zone, and 224 sustained losses, whereas the share prices of 03 companies observed no change.
K-Electric remained the volume leader among the top-three trading companies with 164,643,140 shares at Rs.4.49 per share, followed by WorldCall Telecom with 93,320,115 shares at Rs.1.71 per share, whereas Kohinoor Spinning settled as number three from the top with 65,314,000 shares at Rs.4.74 per share.
Mari Petroleum Company Limited recorded a maximum appreciation of Rs.101.41 per share price, closing at Rs2,168.82, whereas Sapphire Fibres Limited settled as the runner-up with a Rs 98.27 rise in its per share price to Rs 1,603,50.
Nestle Pakistan recorded a maximum decline of Rs 350.00 per share, closing at Rs 8,550.00, followed by Rafhan Maize Products Limited, with a decrease of Rs.291.00 per share, closing at Rs.10,999.00.
Record-Breaking Bullish Sentiments at Pakistan Stock Exchange
During the last couple of weeks, the PSX witnessed a remarkable and record bullish trend. According to experts, the recent bullish trend took the KSE-100 index as the top performer in Asia, where the index gained over 12000 points in just a couple of weeks. Only in November, the 100-index gained over 8000 points, while during the last 5 months, the index achieved historical over 24000 points. In addition, the volume of trade has also increased to a significant level during the last few months.
Meanwhile, the last 2 weeks witnessed a number of consecutive all-time high at PSX. After breaking a few records in the middle of November, the index reached a new historic high and crossed the 58,000 mark. During the last week of November, the index closed to the 60,000 mark. Meanwhile, the index continued the same upward trend in December, and during the last 10 days, it gained more than 5,000 points till it reached a new milestone of over 6,00,200 mark with a slight decline on December 11 (Monday).
According to the experts, the continued bullish trend in the market was due to the recent engagements between Pakistan and the International Monetary Fund (IMF) to reach a staff-level agreement on the first review for a 9-month Stand-By Arrangement (SBA) of $3bn, coupled with a possible decline in the policy rate by SBP.
