ISLAMABAD: After a loss of 1900 points during the last three consecutive session, the Pakistan Stock Exchange (PSX) turned bullish with a positive gesture to gain 1235 points and reoccupied the 71000 benchmark.
The positivity back to the market over developments on the privatisation front as well as the recent updates from the IMF (International Monetary Fund) and some other positive economic indicators.
At close the index settled at 71902 against the previous day closing of 70,657.64 points.
Meanwhile, on Friday, buying was witnessed across the board in major sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs, refineries, OGDC, PPL, DGKC, PSO, SHEL etc.
The investors also took interest in the shares of Pakistan International Airlines (PIA) stocks after it was reported that about a dozen of 10 bidders, including Pakistani tycoon Arif Habib and aviation-based company Gerry’s Group, were eyeing to buy a majority shares of the national flag carrier.
Bearish, Bullish Trend at PSX
During last couple of months, the 100-index oscillated both ways, with a leading bullish trend while setting a number of records on high, by getting about 60% in last 8 months including the last one.
Only in November, 2023, the market got over 8000 points while during last seven months the market managed to achieve 24000 points.
Meanwhile, the 100-index got several all-time high recently as the 100-index surpassed the historic 66000 benchmark for the first time in the first quarter of December 2023.
Meanwhile, from December 13, 2023 the index turned bearish while witnessing a significant fall, first on 20th December (over 2300 points) and then on December 22nd (over 1100 points), again followed by a bloodbath on 26th December 2023, while going bearish by over 2500 points. Later the market turned bullish by over 2900 points followed by another historic bullish flow on a single day (1st January) to get over 2200 points. During last two months, the market kept its bullish trend till it crossed the new historic high of 67000 on 28th March, followed by 70000 mark in early April. In last two weeks the market first surpassed 71000 barrier and then 72000 benchmark, followed by a bearish trend in the last three sessions.
