ISLAMABAD: The Pakistan Stock Exchange (PSX) on Tuesday witnessed bullish sentiments with a gain of nearly 800 points amid some good news from the oil and gas sector and gained nearly 800 points during trading on Tuesday.
Meanwhile, a team from the caretaker set-up formally interacted with the International Monetary Fund (IMF) through a video call last day to call for the latter’s support for tariff rationalization and circular debt reduction plans. The development also took the investors towards positivity during the trading.
Due to these developments, bullish sentiments prevailed in the market on Tuesday, where the 100-index gained 796.10 points (1.26 percent) to settle at 63,799.01 against 63002 points last day. Throughout the day, most of the heavy sectors related to energy, including OGDC and PPL, were trading in the green zone.
Bullish, Bearish Sentiments at PSX
Despite the recent fluctuation in the market, with a bearish trend for the last couple of days, the stock market mostly experienced a bullish spree in recent times, where the market also achieved a historic bullish trend by gaining about 60% in the last 6 months.
In the middle of December last year, the market witnessed a bearish flow due to the profit-taking and correction process. However, in general, the market achieved over 14000 points during the last two and a half months. In November 2023, the market appreciated by 8000 points, while during the last five months, the 100-index benchmark achieved the
historical 24000 points.
Meanwhile, the 100 index enjoyed a number of consecutive all-time highs in the recent past. After placing a number of records in November, the 100 index crossed the historic 60000 benchmarks. The market continued the same bullish sentiments in the first quarter of December, and till December 12, it surpassed 5000 points to reach 66000 plus points.
However, from December 13 the market turned bearish with a major decline on December 20 (over 2300 points) and on December 22 (over 1100 points), again followed by a bloodbath on December 26, while going down by over 2500 points. Later, the market turned bullish to achieve more than 2900 points, followed by another historic bullish trend on a single day (January 1) to get over 2200 points.
