ISLAMABAD: After a massive bearish trend last day, the investors turned the market into bullish on Wednesday as the Pakistan Stock Exchange (PSX) KSE-100 index registered a handsome increase of 1692.65 points (nearly 3%) to settle at 60,863.62 level, against at 59,171 level on Tuesday.
Last day, the market closed in bearish with a loss of over 2500 points. However, on Wednesday, almost all sectors, including automobile assemblers, commercial banks, fertilizer, chemical, oil and gas marketing and exploration companies, property, refineries, etc, opted for buying and remained in the green zone.
Experts believe the bullish trend on Wednesday was expected as a matter of last-day recovery. The 100-index went down by over 6000 points (nearly 10%) from its recorded high of 66,427 achieved on December 12.
Bullish, Bearish Trend at Pakistan Stock Exchange
During the last two months, the 100-index witnessed a massive Bullish trend, while during the last several months, the KSE-100 Index has recorded a historic bullish spree while gaining about 60%.
It was the reason the last two weeks observed a massive bearish trend due to the profit-taking and correction process. Only in the last two months has the market gained over 14000 points. In November, the 100-index achieved more than 8000 points, while during the last five months, the 100-index achieved 24000-plus points.
Meanwhile, in the last couple of weeks, we enjoyed several consecutive all-time highs at PSX. After breaking a few records in the middle of November, the index surpassed a new historic high and crossed the 58000 mark. At the end of November, the index crossed the 60000 benchmark. Meanwhile, the market continued the same bullish spree in the first quarter of December, and till December 15, it gained over 5000 points to reach above 66000 points.
However, from the last several days (since December 13), the market switched over to the bearish trend with a massive decline on December 20 (over 2300 points), followed by another bearish trend of over 1100 points last Friday and the bloodbath last Tuesday by over 2500 points.
