ISLAMABAD: After witnessing continuous Kangaroo jumping while breaking records, the Pakistan Stock Exchange (PSX) KSE-100 Index underwent a major correction to lose over 1,146 points on Wednesday, most probably due to profit-taking by investors.
After gaining over 8000 gaining over 8000 points in November and above 5000 points in the first quarter of December, the index reached a historic level of over 66000 points. However, on Wednesday, the investors finally switched to profit-taking and took an interest in selling, bringing the index to 65,280.16 at close compared to 66426 the previous day.
Record-Breaking Bullish Trend at PSX
Despite the bullish trend on Wednesday, PSX witnessed a remarkable and record bullish trend during the last couple of months. According to experts, the recent bullish trend took the KSE-100 index as the top performer in Asia, where the index gained over 12000 points in just a couple of weeks.
Only in November, the 100-index gained over 8000 points, while during the last five months, the 100-index achieved a historic 24,000-plus points.
Meanwhile, the last two weeks witnessed a number of consecutive all-time highs at PSX. After breaking a few records in the middle of November, the index reached a new historic high and crossed the 58,000 mark. During the last week of November, the index reached above 60000 points.
Meanwhile, the index continued the same bullish trend in December, and during the last 10 days, it gained more than 5000 points till it reached a new milestone of over 600,200 mark with a slight decline on December 11 (Monday).
According to the experts, the continued bullish trend in the market was due to the recent engagements between Pakistan and the International Monetary Fund (IMF) to reach a staff-level agreement on the first review for 9-month Stand-By Arrangement (SBA) of $3bn.
