ISLAMABAD: After 7 consecutive bullish sessions, the Pakistan Stock Exchange (PSX) KSE-100 Index finally went bullish in view of the correction process to lose over 200 points on Tuesday. At close the index settled at 65 726 against the last day stand of 65,952.
Due to the correction process, most of the heavy sectors including OGDC, PPL, PSO, and SNGPL remained in the red while witnessing selling pressure as most of the investors opted for profit-taking.
Meanwhile, in a major development the newly elected Prime Minister, Shahbaz Sharif has directed his team to immediately expedite negotiations with the International Monetary Fund (IMF) for the next program.
The market would react accordingly after the upcoming development with the IMF followed by immediate reforms in the country as possible conditions from the monetary body.
From Bullish to Bearish Trend at PSX
During the last couple of days, the 100-index mostly enjoyed a bullish flow, where the market also witnessed a historic bullish sentiment by gaining about 60% in the last 6 months.
In general, the market crossed 14000 points during the last couple of months. In November 2023, the 100-index improved by 8000 points while during the last five months, the market got the historical 24000 points.
Meanwhile, the 100-index surpassed several consecutive all-time highs recently. After having a number of records last November, the 100-index reached the historic 60000 benchmark. The index continued the same bullish flow in the first quarter of December and till December 12 it crossed 5000 points to reach 66000 plus points.
However, from December 13 the index remained bearish with a major fall 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 went down by more than 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points. Later the market oscillated both ways till date, with a major bearish flow during the last couple of days, where the market lost over 4000 points, followed by a bullish trend for the last 7 consecutive working days except till Tuesday.
