ISLAMABAD: After having an unprecedented bullish trend for the last couple of weeks, the Pakistan Stock Exchange (PSX) lost 925 points on Monday amid profit-taking to settle at 65205 against the previous mark of 66130 on Friday. From the start of the day, the Investors resorted to profit-taking and remained indulged in selling shares, bringing the historic high markdown.
Earlier on Monday, during the start of the business, a mixed trend was seen in the market where some heavy sectors, including cement, chemical, commercial banks, fertilizer, oil, and gas exploration companies, remained in the red with losses, while automobile assemblers and refinery sectors were still in green with some gain.
Continuous Bullish Trend at Pakistan Stock Exchange
PSX witnessed a remarkable and record bullish trend during the last couple of months except Monday due to profit-taking. During the last two months, the market gained over 14000 points. Only in November, the 100-index gained over 8000 points, while during the last five months, the 100-index achieved historical 24000 plus points.
In addition, the last couple of weeks witnessed a number of consecutive all-time highs at PSX. After breaking a few records in the middle of November, the index crossed a new historic high and surpassed 58000 marks. During the last week of November, the index reached above 60000 points. Meanwhile, the 100-index continued the same bullish trend in December, and during the last 12 days, it gained over 5000 points till it reached a new milestone of over 66200 marks, with a slight decline on December 11 (last Monday) and then a major decline last Wednesday.
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 a 9-month Stand-By Arrangement (SBA) of $3bn.
