ISLAMABAD: After three consecutive bearish day followed by another half session, the 100-index of Pakistan Stock Exchange (PSX) turned around to bullish trend on the middle of Thursday while gaining 245.56 points with a positive change of 0.39 percent. Despite going bearish till middle of the day, the index turned bullish and closed at 62,693.57 points against 62,448.01 points last day.
On Thursday morning, the market resumed its bearish sentiments it availed from the last three days, where most of entities remained in the red zone. Till middle of the day the market went down by over 500 points, however later it recovered.
On Thursday, a total of 812,383,481 shares valuing Rs.16.687 billion were transacted as compared to 1,187,368,881 shares valuing Rs. 26.038 billion on Wednesday.
In total, 358 companies traded their shares in the stock market, 251 of them recorded gains and shares of 93 companies witnessed a fall, whereas the share prices of 14 remained unchanged.
Like the last two days, K-Electric Ltd remained volume leader among the top-three trading companies with 209,399,163 shares at Rs.5.60 per share, Cnergyico PK settled as the runner-up with 101,559,312 shares at Rs.5.49 per share followed by WorldCall Telecom with 59,818,169 shares at Rs.1.58 per share.
Bata Pakistan recorded a maximum increase of Rs.46.80 per share price, closing at Rs.1,696.80, whereas Sapphire Textile Mills settled as the runner up with an increase of Rs.46.65 in its per share price to Rs.1,330.00.
Unilever Pakistan Foods recoded a maximum decline of Rs.444.00 per share closing at Rs. 21,355.00, followed by Nestle Pakistan Limited with a decrease of Rs.194.00 per share to close at Rs.7,906.00.
Bullish, Bearish Trend at PSX
During last 2 months the market enjoyed a significant Bullish trend while during last several months the KSE-100 Index has witnessed a record bullish trend while gaining about 60%. Only in last two months the 100-index gained over 14000 points. In November the 100-index achieved mora than 8000 points while during last five months the 100-index achieved historical 24000 plus points.
Meanwhile, the last couple of weeks, enjoyed several consecutive all-time high at PSX. After breaking few records in the middle of November, index surpassed a new historic high and surpassed 58000 mark. At the end of November, the index crossed 60000 benchmark. Meanwhile the 100-index continued the same bullish trend in first quarter of December and till December 15 it gained over 5000 points.
However, from the last three days the market switched over to the bearish trend with a massive decline on Tuesday due to profit-taking and went down by over 2500 points in three days as investors opted to get their profit. The said bearish trend continued till the middle session of Thursday followed by a turn-around in the last session.
