ISLAMABAD: After getting over 900 points last Friday, the Pakistan Stock Exchange (PSX) continued the bullish sentiments on Monday amid the political clarity after the general election to settle at 63306 against the previous session figure of 62816.
On Monday morning, the index was even higher than the closing figure after the market sensed the political clarity in the country where two chief ministers (Sindh and Punjab) took their oath for the new provincial setups. In the morning, the index was hovering at 63,680.31 with an increase of 864.50 points; however, at close, it settled with a gain of 490 points.
During the day, buying was witnessed in different sectors, including auto, cement, oil & gas sectors, etc. Meanwhile, the index remained mostly bullish during the last week, where the market went up by over 3000 points in four days.
Market experts attributed the continued bullish sentiments towards the ongoing political stability and formation of the new governments (Central and provincial) in the country.
Bullish Trends at PSX
During the last few months, the 100-index mostly observed a bullish flow, where the market also recorded a historic bullish pace by gaining about 60% in the last 6 months.
In general, the market got over 14000 points during the last couple of months. In November 2023, the market appreciated by 8000 points, while during the last five months, the 100-index benchmark achieved the historical 24000 points.
Meanwhile, the 100 index crossed several consecutive all-time highs in the recent past. After having a number of records in November, the 100-index surpassed the historic 60000 benchmark. The index continued the same bullish trend in the first quarter of December, and by December 12, it surpassed 5000 points to reach 66000 plus points.
However, from December 13, the index went 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 went bullish to achieve over 2900 points, followed by another historic bullish trend on a single day (January 1) to get over 2200 points. Later, the market oscillated both ways to date, with a major bearish trend during the last couple of days, where the market lost over 4000 points, followed by a bullish trend for the last five working days.
