ISLAMABAD: After enjoying last week’s bullish trend, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index witnessed a mixed trend with a later bearish sentiment on Tuesday as the index lost 66 points to settle at 64,17a against the last day stand of 64237.
Earlier in the morning, the market went bullish with positive sentiments, and it once surpassed 64,750. However, the middle and last sessions were occupied by a selling spree to turn the market bearish.
On Tuesday, the total volume went down to 449 million from the previous day’s stand of 484 million, whereas the value of shares decreased to Rs12.28 billion from the last day’s stand of Rs12.74 billion.
K-Electric Ltd remained the volume leader among the top three trading companies with 114 million shares, followed by Hascol Petrol with 36 million shares, whereas PIAC (A) entertained 20 million shares.
In total, 352 companies transacted their shares, 141 witnessed gain, 187 recorded loss, and 24 remained unchanged.
Bullish Trend at Pakistan Stock Exchange
The last couple of months in the market witnessed a remarkable Bullish trend where the 100 Index has recorded a historic bullish momentum after gaining about 60%.
Meanwhile, a brief bearish sentiment prevailed in the last part of December till the 26th of the month due to the profit-taking and correction process. However, in general, the market gained more than 14000 points during the last two months. In November, the 100-index got over 8000 points, while during the last five months, the 100-index benchmark achieved historical 24000 plus points.
Moreover, in recent months, the index recorded a number of consecutive all-time highs at PSX. After setting a number of records in the middle of November, the index crossed a new historic high and surpassed the 58000 benchmark. At the end of November, the index crossed the 60000 benchmark. Meanwhile, the market continued the same momentum in the first quarter of December, and till December 12, it gained over 5000 points to reach above 66000 points.
However, from December 13, the market turned to a massive bearish trend with a major fall on 20th December (over 2300 points) followed by another bearish trend of over 1100 points on 22nd of December, again followed by a bloodbath on 26th December by more than 2500 points. But later, the market turned bullish to gain over 2900 points, added by another historic bullish trend on a single day (1st January) to get over 2200 points. However, during the last few days, the market remained mostly stable, with a slight swing both ways.
