PSX Turns Bearish Amid Correction Process, Loses 250 Points

Wed May 22 2024
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ISLAMABAD: After hitting an all-time high last week with a bullish run during 8 consecutive sessions, the 100-Index of the Pakistan Stock Exchange (PSX) observed fluctuation during the last three days with both bearish and bullish flow. Amid the mixed flow, the market gained 122 points on Tuesday followed by a loss of 250.10 points on Wednesday with a negative change of 0.33 percent. At close the market settled at 74,956.67 points against the previous day’s closing of 75,206.77.

The market is still hovering above the all-time high of 75000 benchmark. Meanwhile, on Wednesday, 584,484,020 shares valuing Rs 17.714 billion were entertained in the market against the last-day shares of 462,304,427, worth Rs 15.87 billion.

In total, 389 companies traded their shares in the stock market, 131 met gains, and 233 witnessed losses, whereas the share price of 25 companies remained unchanged.

Hum Network remained the volume leader among the top three trading companies with 71,273,077 shares at Rs12.03 per share followed by Pace (Pak) Limited with 46,645,000 shares at Rs 4.32 per share whereas K-Electric Limited settled with 34,484,440 shares at Rs 4.71 per share.

Ismail Industries Limited recorded a maximum appreciation of Rs 71.61 per share to close at Rs 1,700.00, followed by Shahmurad Sugar Mills Limited as the runner-up with an increase of Rs 21.23 to close at Rs 588.58.

Unilever Pakistan Foods Limited registered a maximum fall of Rs 139.76 per share closing at Rs 18,415.56, followed by Nestle Pakistan Limited with a decline of Rs 121.28 per share to close at Rs 7,200.00.

Record Bullish Trend at PSX

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

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

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