PSX Continues Bullish Run, Gains 713 Points, Above 73,000 Historic Benchmark

Mon May 13 2024
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ISLAMABAD: After getting over 400 points last Friday, the 100-Index of the Pakistan Stock Exchange (PSX) continued the bullish trend on Monday while gaining 713.61 points with a positive change of 0.98 percent. At close the index settled at 73,799.11 points against the previous day’s closing of 73,085.50 points.

On Friday, 721,597,885 shares valuing Rs 25.649 billion were entertained against the previous day’s shares of 741,196,400 valuing Rs 25.268 billion.

In total, 387 companies traded their shares in the stock market, 241 recorded gains, and 120 met losses, whereas the price of 26 companies remained unchanged.

Cnergyico PK was the volume leader among the top-three trading companies with 64,224,241 shares at Rs 4.74 per share followed by WorldCall Telecom with 51,639,862 shares at Rs 1.48 per share whereas Hum Network settled with 29,028,603 shares at Rs 9.82 per share.

Sapphire Fibres Limited recorded an increase of Rs 63.04 per share price to settle at Rs 1,463.04, whereas Service Industries Limited settled as the runner-up with an increase of Rs 56.35 to close at Rs 834.83.

Nestle Pakistan Limited registered a maximum fall of Rs 86.50 per share to close at Rs 7,401.00, followed by Unilever Pakistan Foods Limited with a decrease of Rs 82.30 to close at Rs 19,007.70.

Bullish Trend at PSX 

During the last six to seven months, the 100-index oscillated both ways, with a leading bullish trend while setting a number of records on high, by getting about 60% in the last 8 months including the last one.

After getting over 800 points in November 2023, the index of the market achieved the historic 66000 mark for the first time in the first quarter of December 2023.

Later, from December 13, 2023, the index turned bearish while witnessing 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 losing over 2500 points. Later the market turned bearish by over 2900 points followed by another historic bullish run on a single day (1 January) to get over 2200 points. During the last three months, the market kept its bullish trend till it crossed the new historic high of 67,000 on 28th March, followed by the 70,000 mark in early April. In the last couple of weeks, the market first crossed the 71,000 barrier, then the 72,000 slot and now the 73,000 benchmark leading towards the 74,000 mark.

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