PSX Stays Bullish, Gains Over 1,000 Points Further

Fri May 31 2024
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ISLAMABAD: After appreciating by over 40 points, the 100-index of the Pakistan Stock Exchange (PSX) continued the bullish momentum on Friday while gaining 1,000.35 points further with a positive change of 1.34 percent. At close the index settled at 75,878.48 points against the previous day closing of 74,878.12 points.

On Friday, 523,299,973 shares valuing Rs 20.574 billion were entertained against the last day shares of 410,575,241 worth Rs14.922 billion.

In total, 433 companies traded their shares in the stock market, 236 of them recorded gains, 140 met losses, whereas the share price of 57 companies remained unchanged.

K-Electric Limited remained the volume leader among the top-three trading companies with 62,228,161 shares at Rs 4.96 per share followed by Dewan Cement with 31,643,087 shares at Rs 10.94 per share whereas WorldCall Telecom settled with 28,533,919 shares at Rs 1.35 per share.

Sazgar Engineering Works Limited recorded a maximum appreciation of Rs 58.23 per share price to close at Rs 786.14, whereas Hoechst Pakistan Limited settled as the runner-up with an increase of Rs 32.65 in its per share price to Rs 1,400.00.

PIA Holding Company Limited registered a maximum fall of Rs 67.20 per share closing at Rs 775.93, followed by Shahmurad Sugar Mills Limited with a decline of Rs 35.37 per share to close at Rs 406.80.

Bullish, Bearish Trend at PSX

During last six to seven months, the 100-index swung both way, with a major bullish trend particularly in May,2024 resulting with a number of records on high, by getting about 60% in last 8 months including the last one.

Earlier, the market achieved the historic 66000 mark in December, 2023, followed by some bearish momentum. In March 2024, however the market bounced back to cross 67000 mark followed by 70000 mark in early April. In last couple of weeks the market first surpassed 72000 slot, followed by 73000 benchmark in beginning of May. The recent continued bullish flow took the market first to 74000 mark on 14th May, and then even crossed another historic high of 75000 benchmark on May 17.

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