ISLAMABAD: After enjoying two consecutive bullish days in the previous two sessions, the 100-index of the Pakistan Stock Exchange (PSX) went bearish on Friday to lose 1,200.12 points with a negative change of 1.87 percent. At close the index settled at 62,943.75 points against 64,143.87 points the previous trading day.
During the trading 258,073,610 shares worth Rs 12.529 billion were entertained against 327,591,633 shares valuing Rs. 14.308 billion on Wednesday.
In total, 319 companies traded their shares in the stock market, 55 of them witnessed gains, 241 sustained losses, whereas the share prices of 23 companies remained unchanged.
K-Electric Limited remained on top among the top-three trading companies with 20,541,848 shares at Rs.4.65 per share followed by Oil and Gas Development with 18,933,926 shares at Rs.145.08 per share whereas Pak Petroleum settled with 17,861,036 shares at Rs.116.78 per share.
Philip Morris (Pakistan) Limited recorded a maximum appreciation of Rs.30.00 per share price to settle at Rs.700.00, while Packages Limited settled as the runner-up with an increase of Rs.12.73 in its per share price to settle at Rs.522.85.
Unilever Pakistan Foods Limited observed a maximum fall of Rs.64.33 per share closing at Rs.22,300.00, followed by Mari Petroleum Company Limited with a decline of Rs.56.74 per share to settle at Rs.2,274.11.
Bullish, Bearsh Trend at PSX
Despite the recent swing in the market, the 100-index mostly enjoyed a bullish trend in recent times, where the market also experienced a historic bullish trend by gaining about 60% in last 6 months.
In middle of December 2023, the market witnessed bearish trend, due to profit-taking and correction process. However, in general the market got over 14000 points during last two and a half month. In November, 2023, the market went up by 8000 points while during last five months the 100-index benchmark enjoyed the historical 24000 points.
Meanwhile, the 100-index achieved several consecutive all-time high in recent past. After enjoying a number of records in November, 100-index crossed the historic 60000 benchmark. The market continued the same bullish trend in first quarter of December and till December 12 it surpassed 5000 points to reach 66000 plus points.
However, from December 13 the market turned bearish with a major decline on 20th December (over 2300 points) and on December 22nd (over 1100 points), again followed by a bloodbath on 26th December 2023, while going down by over 2500 points. Later the market turned bullish to achieve over 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points.
