Alam Zeb Khan
ISLAMABAD: After getting a slight relief for just two days the 100-index of the Pakistan Stock Exchange (PSX) once again witnessed a bearish trend on Friday while losing 423.60 points, closing at 38,407.98 as compared to 38,831.58 points on Thursday.
On Friday a total of 93,450,275 shares were traded against 157,822,378 shares the previous day, while the price of shares stood at Rs3.508 billion as compared to Rs6.406 billion on the last trading day.
In total 314 companies traded their shares in the stock market, 103 of them recorded gains and 194 sustained losses, while the share price of 17 companies remained unchanged.
The three top-trading companies were Pak Petroleum, WorldCall Telecom, and Ghani Chem(B) with 8,309,230 shares at Rs72.92 per share, 5,645,024 shares at Rs1.11 per share, and 5,054,500 shares at Rs6.68 per share respectively.
Meanwhile, another company Bhanero Textile recorded a maximum increase of Rs82.00 per share price, closing at Rs1,177.00, while Nestle Pakistan stood as runner-up with a Rs50.00 rise in its per share price to Rs5,310.00. Indus Motor Co witnessed a maximum decline of Rs58.15 per share closing at Rs841.35, followed by Philip Morris Pak with a decrease of Rs35.00 to close at Rs530.00.
Bearish trend in PSX
The PSX-100 index is witnessing a bearish trend for the last couple of weeks due to different reasons including both political and financial perspectives. Last week the index was under pressure and went down by over 2,200 points in three days.
However, from last Tuesday till Thursday, the index got some relief with a slightly bullish trend. Governor State Bank also issued a positive statement the other day and added that the issue of shortage of dollar will be resolved in a week, resulting in lower pressure on the alarming foreign exchange (a mere over $ 4.25b) reserve.
However, the coming days will decide how the country is facing the alarming financial situation. Otherwise, the investors will still feel reluctant to trade openly in Pakistani market.
