ISLAMABAD: After losing 66 points last day, the 100-index of the Pakistan Stock Exchange (PSX) continued its bearish trend on Wednesday while losing 250.73 points further with a negative change of 0.39 percent. At close, the index settled at 63,919.85 points compared to 64,170.58 points on Tuesday.
On Wednesday, 636,168,115 shares valuing Rs.17.980 billion were entertained against 448,990,545 shares valuing Rs.12.281 billion last day, whereas 361 companies traded their shares in the stock market, 155 of them went green with gains, 183 remained in the red zone with losses, whereas the share prices of 23 companies experienced no change.
Like the last couple of days, K-Electric remained the volume leader among the top-three trading companies with 151,248,373 shares at Rs.5.72 per share, followed by Hascol Petrol with 67,980,000 shares at Rs.8.53 per share, whereas WorldCall Telecom settles as number three from the top with 42,068,813 shares at Rs.1.43 per share.
Pakistan Tobacco Company Limited recorded a maximum upward trend of Rs.79.00 per share price, closing at Rs.1,141.00, whereas Pak Suzuki Motor Company settled as the runner-up with an increase of Rs.58.32 in its per share price to Rs.835.88.
On the other hand, Rafhan Maize Products Company experienced a maximum fall of Rs.448.00 per share, closing at Rs.9,550.00, followed by Hoechst Pakistan Limited with a decline of Rs.40.80 to close at Rs.1,300.00.
Bullish and Bearish Trend at Pakistan Stock Exchange
PSX witnessed both a bearish and bullish trend in the market during the last couple of months. However, the bullish trend prevailed in the market, where the 100 Index recorded a historic bullish momentum after gaining about 60%.
Meanwhile, a brief bearish sentiment prevailed in the last part of December till the 26th of the month due to the profit-taking and correction process. In general, the market gained more than 14000 points during the last two months. In November, the 100-index got more than 8000 points, while during the last five months, the 100-index benchmark got 24000 plus points.
Moreover, in recent months, the 100-index witnessed a number of consecutive all-time highs at PSX. After setting a number of records in the middle of November, the index surpassed a new historic high and crossed the 58000 benchmark. At the end of November, the index crossed the 60000 benchmark. Meanwhile, the market continued the same momentum in the first quarter of December, and till December 12, it achieved over 5000 points to reach above 66000 points.
However from December 13 the market turned to a huge bearish trend with a major fall on December 20 (over 2300 points) followed by another bearish trend of over 1100 points on December 22, again followed by a bloodbath on December 26 by more than 2500 points. But later, the market turned bullish to get over 2900 points, added by another historic bullish trend on a single day (January 1) to get over 2200 points. However, during the last few days, the market remained mostly stable, with a slight swing both ways.
