ISLAMABAD: After witnessing a volatile session going bullish and bearish the Pakistan Stock Exchange (PSX) 100 index ended flat with a decline of just 7 points on Thursday.
During the early session, the index went down amid huge profit-taking while recording a decline of over 500 points and later went up by over 200 points, however at close the index settled at 64,639.16 level, compared to 64,646.85 last day.
However, during the volatile session facing pressure both the volume and value of traded shares went down.
Earlier, during the start of the trading, selling was witnessed in some major heavy sectors including cement, commercial banks, chemical, oil and gas exploration companies and remained in the red. However, some other heavy sectors including automobile assemblers, refinery etc remained in the green.
Experts believe the profit taking occurred due to the recent bullish trend during last couple of days when the index gained over 2800 points. Meanwhile, the local currency also observed gain for 2 consecutive days creating hope for the market resulting some gain in the later part of the day.
Meanwhile, on Thursday the total volume of the shares went down to 548.9 million from 639.6 million last day whereas the value of shares transacted recorded a fall to Rs15.4 billion from Rs20.3 billion on Wednesday.
K-Electric Ltd remained the volume leader among the top-three trading companies with 154.7 million shares, followed by WorldCall Telecom with 37.1 million shares, and Fauji Foods Ltd settled as number three form top with 27.3 million shares.
In total 360 companies traded their shares, 155 registered appreciations, 184 faced a fall, while 21 remained unchanged.
Bullish Trend at PSX
Last two and a half months recorded a significant Bullish trend while during last several months the KSE-100 Index has experienced a historic bullish momentum after gaining about 60%.
During the last two months, the index enjoyed scores of consecutive all-time high at PSX. After breaking few records in the middle of November, index crossed a new historic high and crossed 58000 benchmark. At the end of November, the index surpassed 60000 benchmark. Meanwhile the market continued the same bullish trend in first quarter of December and till December 12 it gained over 5000 points to reach above 66000 points.
However, from December 13 the market switched over to the massive bearish trend with a huge decline on 20th December (over 2300 points) followed by another bearish trend of over 1100 points on 22nd of December, followed by a bloodbath on 26th December by over 2500 points. But later the market turned bullish to gain over 2900 points added by another historic bullish trend on a single day on Monday to get over 2200 points.
