ISLAMABAD: After witnessing bearish sentiments for the last two days, the 100-index of the Pakistan Stock Exchange (PSX) continued the downward trend on the third consecutive day, as on Tuesday, the index lost 170.13 points further to close at 63,567.34 points compared to its last day stand of 63,737.46 points.
On the last day, the market went down by over 500 points due to profit-taking. However, trade on Wednesday remained uncertain and swung both ways due to different reasons.
On Wednesday, companies traded 421,331,988 shares valuing Rs.18.579 billion against 407,543,943 shares valuing Rs.12.646 billion on Tuesday.
In total, 332 companies entertained their shares in the stock market; 111 of them witnessed gains, 203 sustained losses, whereas the share prices of 18 remained unchanged.
PTCL remained the volume leader among the top-three trading companies with 45,978,785 shares at Rs.14.02 per share, followed by K-Electric Limited as the runner-up with 41,567,872 shares at Rs.5.59 per share, whereas Treet Corporation settled with 36,390,498 shares at Rs.20.05 per share.
Philip Morris (Pakistan) Limited recorded a maximum appreciation of Rs.51.24 per share price, closing at Rs.734.50, followed by Bata Pakistan Limited with a rise of Rs.33.00 per share to settle at Rs.1,733.00.
Rafhan Maize Products Company sustained a maximum fall of Rs.401.50 per share, closing at Rs.8,801.00, followed by Pak Suzuki Motor Company Limited with a decline of Rs.53.74 per share to settle at Rs.662.77.
Bearish Trend at PSX
Despite the bearish trend for the last couple of days, including Wednesday, the 100-index mostly witnessed a bullish trend during the last two to three months, where the market has recorded a historic upward trend after gaining about 60%.
Meanwhile, a brief bearish sentiment prevailed during the last quarter of December till the 26th of the month due to the profit-taking and correction process. In general, the market surpassed 14000 points during the last two months. In November 2023, the 100-index crossed 8000 points, while during the last five months, the 100-index benchmark got historical 24000 plus points.
Meanwhile, during the last few months, the 100 index entertained a number of consecutive all-time highs. After setting a number of records in November, the 100-index reached the 60000 benchmark. Meanwhile, the market continued the same momentum in the 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 bearish with a major fall on December 20 (over 2300 points) and December 22 (over 1100 points), again followed by a bloodbath on December 26 by more than 2500 points. Later, the market turned bullish to get over 2900 points, followed by another historic bullish trend on a single day (January 1) to get over 2200 points. However, during the last few days, the market remained mostly stable, with bearish sentiments during the last three days.
