ISLAMABAD: After witnessing a major bullish sentiments in the morning, followed by profit-taking the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index managed to close with a slight gain of 70.8 points on Friday to end the bearish trend prevailed during last four days. At close the index settled at 63282.23 against 63202.40 last day.
Earlier on Friday morning the 100 pulled back from the last day bearish trend and began with positive session while hitting an intra-day high of 63,911.86 with a gain of over 700 points. However, in the middle and later part of the session, the investors opted for profit-taking brought the index down.
Meanwhile, on Friday, the total volume on the all-share index went down to 287.3 million compared to 445.7 million last day whereas the value of shares decreased to Rs9.3 billion from the last day figure of Rs14.2 billion.
Like the previous day, K-Electric Ltd. Remained the volume leader among the top-three trading companies with 49.8 million shares, followed by P.I.A.C.(A) with 43.3 million shares, whereas P.T.C.L. also maintained its momentum and settled with 14.1 million shares.
In total, 339 companies entertained their shares, 160 settled with gain, 158 witnessed a fall, while 21 remained unchanged.
Bullish and Bearsh Trend at PSX
Despite the bearish trend for the last four days, the 100-index mostly experienced bullish trend during last two to three months, where the 100-index witnessed a historic upward trend by gaining about 60%.
Meanwhile, in 2nd quarter of December, 2023 (till 26th), a brief bearish trend dominated the market due to profit-taking and correction process. However, in general the market got 14000 points during last two months. In the month of November. 2023, the 100-index covered 8000 points while during last five months the 100-index benchmark achieved historical 24000 plus points.
In addition, during last few months, the 100-index experienced a number of consecutive all-time high. After placing a number of records in November, 100-index reached 60000 benchmark. Meanwhile the market continued the same upward momentum in 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 bearish with a significant decline on 20th December (over 2300 points) and December 22nd (over 1100 points), again followed by a bloodbath on 26th December, while going down by more than 2500 points. Later the market turned bullish to achieve more than 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points. However, during last four days the market remained a bit bearish followed by a bullish trend on Friday
