ISLAMABAD: After getting around 800 points last day amid positivity on circular debt management, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index witnessed another bullish day, this time on the General Election sentiments. At close, the index settled at 64144 with a gain of 344.90 points compared to 63,799.01 on the last day.
In the context of the preparation for the general election across the country, the market turned bullish in the late session, when most of the companies opted to buy. On February 8, about 129 million registered voters in Pakistan would cast their vote to choose members of parliament for the next five years.
Among the major entities, Power generation and distribution, commercial banks, and fertilizer sectors were in the green zone.
The investors are positive and hopeful for the further revival of the market after the successful election in the country, which would also bear fruitful results on the business environment.
Earlier on Wednesday, volume on the all-share index went down to 327.6 million from 331 million a session before, whereas the value of shares decreased to Rs14.3 billion from Rs15.2 billion in the last session.
K-Electric Ltd remained the volume leader among the top three trading companies with 44.4 million shares, followed by Oil & Gas Dev. with 25 million shares, and Pak Elektron at 21.3 million shares.
In total, 356 companies traded their shares; 203 witnessed appreciation, 125 recorded a decline, and 28 remained unchanged.
Bullish, Bearish Sentiments at PSX
Despite the recent swing in the market, with a bearish trend for the last couple of days, the stock market mostly enjoyed a bullish trend in recent times, where the market also achieved a historic bullish trend by gaining about 60% in the last 6 months.
In the middle of December 2023, the market experienced a bearish flow due to the profit-taking and correction process. However, in general, the market achieved more than 14000 points during the last two and a half months. In November 2023, the market improved by 8000 points, while during the last five months, the 100-index benchmark achieved the historical 24000 points.
Meanwhile, the 100 index enjoyed several consecutive all-time highs in the recent past. After enjoying a number of records in November, the 100-index surpassed the historic 60000 benchmark. The market continued the same bullish spree in the first quarter of December, and by December 12, it crossed 5000 points to reach 66000 plus points.
However, from December 13, the market turned bearish with a significant fall on December 20 (over 2300 points) and on December 22 (over 1100 points), again followed by a bloodbath on December 26, 2023, while going down by over 2500 points. Later, the market turned bullish to achieve more than 2900 points, followed by another historic bullish spree on a single day (January 1) to get over 2200 points.
