ISLAMABAD: After a significant bullish trend in the morning followed by profit taking to reverse the market, took the 100-index to get 20 points at close on Friday. At close the index settled at 64,637.64 points with a nominal positive change of 0.03 percent, against 64,617.57 points the previous day.
Earlier in the morning the market surged to a significant level with a gain of over 700 points of the news of the International Monetary Fund’s (IMF) Executive Board completion of the first review of the $3-billion Stand-By Arrangement (SBA). However later the profit -taking dominated the market and went bullish.
On the last working day of the week, 643,307,931 shares valuing Rs.20.021 billion were transacted as compared to 586,548,829 shares valuing Rs.17.024 billion on Thursday.
In total, 365 companies traded their shares in the stock market, 137 of them recorded gains and went green, 216 remained in losses, whereas the share prices of 12 remained unchanged.
Like last couple of days, K-Electric remained the volume leader among the top-three trading companies with 142,506,004 shares at Rs.6.03 per share followed by Pak Int. Bulk with 77,950,500 shares at Rs.7.57 per share whereas WorldCall Telecom settled as number three from top with 27,001,294 shares at Rs.1.42 per share.
Unilever Pakistan Foods Limited witnessed a maximum appreciation of Rs.299.00 per share price to settle at Rs.22,399.00, followed by Bhanero Textile Mills with a rise of Rs.70.00 in its per share price to Rs.1,020.00.
Pakistan Suzuki Company recorded a maximum fall of Rs.63.80 per share closing at Rs.834.77, followed by Sapphire Fibres Limited with a decline of Rs.49.90 to settle at Rs.1,700.00.
Bullish and Bearsh Trend at PSX
PSX experienced both bearish and bullish trend during last couple of months in the market. However, the bullish trend dominated the market where the 100 Index has recorded a historic bullish momentum after gaining about 60%.
Meanwhile, a brief bearish sentiment sustained in the market during last part of December till 26th of the month due to profit-taking and correction process. In general, the market gained more than 14000 points during last two months. In November the 100-index surpassed 8000 points while during last five months the 100-index benchmark got historical 24000 plus points.
In addition, in recent months, the 100-index entertained number of consecutive all-time high at PSX. After setting a number of records in the middle of November, index surpassed a new historic high and crossed 58000 benchmark. At the end of November, the index crossed 60000 benchmark. Meanwhile the market continued the same momentum in first quarter of December and till December 12 it achieved over 5000 points to reach above 66000 points.
However, from December 13 the market turned to a huge 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. Later the market turned bullish to get over 2900 points added by another historic bullish trend on a single day (1st January) to get over 2200 points. However, during last few days, the market remained mostly stable with a slight swing both ways.
