ISLAMABAD: After the last day slight bullish sentiments, the bearish trend returned to the Pakistan Stock Exchange (PSX) as the KSE-100 Index lost 988 on Friday to settle at 61705.5 against the last day stand of points 62,693.57.
Earlier on Tuesday and Wednesday, the index also witnessed a significant bearish trend over 2500 points which continued till the middle session on Thursday. However, during the last session on Thursday, the market recovered slightly and gained over 200 points.
On Friday, the market began with political uncertainty amid the ongoing situation ahead of the general election. During the day, most of the heavy sectors including automobile assemblers, cement, commercial banks, chemical, oil and gas marketing companies, oil and gas exploration companies, refineries and pharmaceutical, etc remained in the red zone and opted for selling instead of buying.
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%.
It was the reason last four days observed a major bearish trend due to profit-taking and correction process. 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 crossed 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 four days the market switched over to the bearish trend with a massive decline on Tuesday (over 2300 points) followed by another bearish on Friday.
