ISLAMABAD: Followed by continued Correction Process amid selling pressure, the Pakistan Stock Exchange (PSX) remained bearish for the third consecutive day as on Wednesday, the 100 Index lost 385 points (0.61%) to close at 62,448.01 against the last day reading of 62833.
On Wednesday, the market resumed the bearish trend from the morning and even went down by 1,750 points amid selling pressure; however, later, the market remained a bit stable and observed some recovery.
During the day, selling pressure was observed mostly in the heavy sectors, including automobile assemblers, chemical, commercial banks, cement, oil and gas exploration companies, OMCs, and pharmaceuticals trading, which remained in the red zone.
Meanwhile, the total volume on the share index went down to 1.19 billion as compared to 1.51 billion last day. In addition, the value of shares decreased to Rs26 billion from its last day stand of Rs29.1 billion.
Like the previous day, K-Electric Limited remained the volume leader among the top three trading companies with 280.81 million shares, while WorldCall Telecom closed as the runner-up with 211.12 million, followed by Cnergyico PK at 54.41 million shares.
In total, shares of 362 companies were transacted, 107 recorded gains, 246 witnessed losses, and 9 remained unchanged.
From Bullish to Bearish Trend at PSX
During the last 2 months, the market enjoyed a significant Bullish trend, while during the last several months, the KSE-100 Index has observed a recorded bullish trend while gaining about 60%. Only in the last two months, the 100-index gained over 14000 points. In November, the 100-index gained more than 8000 points, while during the last five months, the 100-index achieved 24000-plus points.
In addition, in the last couple of weeks, a number of consecutive all-time highs were observed at PSX. After breaking a few records in the middle of November, the index surpassed a new historical high and surpassed the 58000 mark. During the last week of November, the index crossed 60000 marks. Meanwhile, the 100-index continued the same bullish trend in the first quarter of December, and till December 15, it gained over 5000 points.
However, from the last three days, the market switched over to the bearish trend with a massive decline on Tuesday due to profit-taking and went down by over 2500 points in three days as investors opted to get their profit.
