PSX Turns Bearish trend, Loses 465 Points

Mon May 27 2024
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ISLAMABAD: After hitting another all-time high last Friday, while hitting the 76000 benchmark for some time, followed by slight correction later, the 100-index of the Pakistan Stock Exchange (PSX) continued the bearish trend on Monday while losing 465.55 points with a negative change of 0.61 percent. At close the index settled at 75,517.49 points against the previous day’s closing of 75,983.04 points.

On Monday, 446,071,483 shares valuing Rs 16.406 billion were entertained as compared to the previous day’s shares of 609,848,980 worth Rs 23.580 billion.

In total, 406 companies traded their shares in the stock market, 123 of them recorded gains, and 231 met losses, whereas the share price of 52 companies remained unchanged.

K-Electric Limited remained the volume leader among the top-three trading companies with 55,596,310 shares at Rs 5.02 per share followed by Symmetry Group Limited with 40,663,666 shares at Rs 6.19 per share, whereas WorldCall Telecom settled with 29,465,739 shares at Rs 1.37 per share.

Meanwhile, Excide Pakistan Limited registered a maximum appreciation of Rs 37.66 per share price to settle at Rs 508.35, followed by Pakistan Services Limited as a runner-up with an increase of Rs 24.59 in its per share price to Rs 806.97.

Shahmurad Sugar Mills Limited recorded a maximum fall of Rs 45.43 per share closing at Rs 522.41, followed by Murree Brewery Company Limited with a decrease of Rs 13.21 per share to close at Rs 430.39.

Record Bullish Trend at PSX 

During the last six to seven months, the 100-index swung 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 trajectory. In March 2024, however, the market bounced back to cross the 67000 mark followed by the 70000 mark in early April. In the last couple of weeks, the market first crossed the 72000 slot, 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 then even surpassed another historic high of 75000 benchmark on May 17.

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