ISLAMABAD: After losing over 1900 points during the last four working sessions, the 100-index of the Pakistan Stock Exchange (PSX) turned bullish on Wednesday while gaining 137.44 points with a positive change of 0.22 percent. At close, the index settled at 61,979.18 points compared to 61,841.74 points the previous day.
In the morning session, the index went over 62390. However, the market ended with a slight bullish sentiment in the last session.
On Wednesday, 276,464,818 shares valuing Rs 9.271 billion were entertained during the day against 436,120,659 shares valuing Rs.15.286 billion the previous day.
In total, 349 companies traded their shares in the stock market; 165 of them recorded gains, 151 remained in the red zone with losses, whereas the share prices of 33 remained unchanged.
Like the previous day, K-Electric Limited stood top as the volume leader among the top-three trading companies with 36,273,372 shares at Rs.4.54 per share, followed by Bank of Punjab with 20,853,316 shares at Rs.6.20 per share, whereas Hascol Petrol settled with 14,174,000 shares at Rs.7.91 per share.
Unilever Pakistan Foods Limited recorded a maximum appreciation of Rs.1,551.83 per share price, closing at Rs.22,364.33, while Sazgar Engineering Works Limited settled as the runner-up with an increase of Rs.13.48 in its per share price to Rs.211.19.
Nestle Pakistan Limited witnessed a maximum fall of Rs.100.00 per share, closing at Rs.8,200.00, followed by Colgate-Palmolive (Pakistan) Limited with a decline of Rs.40.33 per share to settle at Rs.1,404.00.
Bullish, Bearish Sentiments at PSX
Despite the recent oscillation in the market, with a bearish trend for the last four days, the stock market mostly witnessed a bullish spree during the last couple of months, where the market also achieved a historic bullish trend by gaining about 60% in the last six months.
In the middle of December 2023, the 100-index recorded a bearish flow due to the profit-taking and correction process. However, in general, the market achieved over 14000 points during the last two months. In the month of November 2023, the index improved by 8000 points, while during the last five months, the 100-index benchmark gained the historical 24000 points.
Meanwhile, the 100-index enjoyed several consecutive all-time highs recently. After placing a number of records in November, the 100-index surpassed the historic 60000 benchmark. The market continued the same bullish trend in the first quarter of December, and till December 12, it achieved over 5000 points to reach 66000 plus points.
However, from December 13, the market turned bearish with a significant fall on 20th December (over 2300 points) and on December 22nd (over 1100 points), again followed by a bloodbath on 26th December, while going bearish 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.
