ISLAMABAD: After last day bullish sentiments of over 360 points, the 100-index of the Pakistan Stock Exchange (PSX) turned bearish on Thursday and lost 524.43 points with a negative change of 0.81 percent due to profit taking in a couple of heavy sectors including OGDC AND ppl. At close the index settled at 64,298.01 points compared to 64,822.43 points last day.
On Thursday, 460,691,033 shares valuing Rs 25.248 billion were tackled against 479,982,148 shares valuing Rs. 22.501 billion on Wednesday. In total 353 companies traded their shares in the stock market, 102 of them witnessed gains, 233 settled with losses, whereas the share prices of 18 remained unchanged.
Oil and Gas Development remained the volume leader among the top-three trading companies with 49,679,574 shares at Rs.135.31 per share followed by K-Electric Limited with 48,974,614 shares at Rs.5.26 per share whereas Hascol Petrol settled as number three from top with 38,807,500 shares at Rs.8.67 per share.
Pakistan Tobacco Company Limited recorded a maximum appreciation of Rs.57.00 per share price to settle at Rs.1,085.00, whereas Lucky Core Industries Limited settled as the runner-up with an increase of Rs.55.43 in its per share price to Rs.794.52.
Rafhan Maize Products Company Limited recorded a maximum decline of Rs.199.98 per share closing at Rs.8,800.01, followed by Philip Morris (Pakistan) Limited with a fall of Rs.53.88 to settle at Rs.676.12.
Bullish and Bearsh Trend at PSX
Despite the recent oscillation in the market, the 100-index mostly witnessed bullish trend during last couple of months, where the market also experienced a historic upward trend by gaining about 60% in last 6 months.
Earlier in the middle of December 2023, the market observed a bearish trend, due to profit-taking and correction process. However, in general the market got 14000 points during last two months. In the month of November, 2023, the market gained 8000 points while during last five months the 100-index benchmark surpassed historical 24000 points.
In addition, the 100-index witnessed several consecutive all-time high recently. After placing a number of records in November, 100-index crossed the historic 60000 benchmark. The market continued the same bullish momentum in first quarter of December and till December 12 it achieved over 5000 points to reach above 66000 points.
However, from December 13 the market turned bearish with a major decline on 20th December (over 2300 points) and December 22nd (over 1100 points), again followed by a bloodbath on 26th December, while going down by over 2500 points. Later the market turned bullish to achieve over 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points.
