ISLAMABAD: After going down by over 1100 points last day, the 100-index of Pakistan Stock Exchange (PSX) turned around to the bullish trend on Thursday while gaining 170.03 points with a positive change of 0.26 percent. At close the index settled at 65,450.19 points compared to the last day stand of 65,280.16 points.
On Thursday, 981,194,616 shares valuing Rs.23.743 billion were transacted in the market against 1,358,411,606 shares valuing Rs. 37.657 billion on Wednesday.
Meanwhile, 389 companies traded their shares in the stock market, 198 of them achieved gains and remained in the green zone, 174 sustained losses with the red zone, whereas the share prices of 17 observed no change.
Kohinoor Spinning remained the volume leader among the top-three trading companies with 160,178,500 shares at Rs.5.40 per share followed by Bank of Punjab with 89,773,616 shares at Rs.6.97 per share whereas Hascol Petrol settled as number three from top with 79,313,000 shares at Rs.8.33 per share.
Unilever Pakistan Foods recorded a maximum appreciation of Rs.175.00 per share price to settle at Rs.22,275.00, whereas Sapphire Fibres settled as the runner-up with an increase of Rs 85.00 in its per share price to Rs1,784.50.
Rafhan Maize observed a maximum decline of Rs.350.00 per share closing at Rs 10,000.00, followed by Service Industries with a decrease of Rs.23.28 per share to settle at Rs.624.72.
Record Breaking Bullish Sentiments at PSX
PSX witnessed a remarkable and record bullish trend during last couple of months except last day due to profit-taking. According to market expert the recent continued bullish sentiments took the KSE-100 index as the top performer in Asia where the index gained over 12000 points just in a couple of weeks. Only in November the 100-index gained over 8000 points while during last five months the 100-index achieved historical 24000 plus points.
In addition, the last 2 weeks, witnessed a number of consecutive all-time high at PSX. After breaking few records in the middle of November, index crossed a new historic high and surpassed 58000 mark. During last week of November, the index reached above 60000 points. Meanwhile the index continued the same bullish sentiments in December and during last 12 days it gained over 5000 points, till it reached a new milestone of over 600200 mark with a slight decline on December 11 (Monday) and then a major decline last Wednesday.
According to the experts the continues 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.
