ISLAMABAD: After a significant last-day bullish sentiment by gaining over 580 points, the KSE-100 index on Tuesday continued the bullish trend in the morning; however, it ended the session on a flat note by gaining just 4 points. At close, the index settled at 60,464.24 with a positive change of 0.01% against the last day’s stand of 60,459.75 points.
Earlier on Tuesday morning, the index continued the bullish momentum it got from the previous day, particularly in the pharmaceutical and energy sectors, where the index gained over 770 points. However, later, the index went down as investors remained alert about the ongoing political situation and avoided further buying.
Last day, the international Rating Agency, Fitch Ratings, also showed its concerns about the ongoing political uncertainty and possible future economic quagmire that could create issues for the new government to strike a deal with the IMF.
Bullish, Bearish Trends at PSX
During the last few months, the 100-index mostly recorded a bullish temperament, where the market also experienced a historic bullish pace by gaining about 60% in the last 6 months.
In general, the market got over 14000 points during the last two and a half 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 surpassed several consecutive all-time highs in the recent past. After having a number of records in November, the 100 index crossed the historic 60000 benchmarks. The index continued the same bullish sentiments in the first quarter of December, and till December 12, it crossed 5000 points to reach 66000 plus points.
However, from December 13, the market went down with a major 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 more than 2500 points. Later, the market went bullish to achieve over 2900 points, followed by another historic bullish flow on a single day (January 1) to get over 2200 points. Later, the market swung 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 on Monday.
