ISLAMABAD: After losing over 900 points in last two working session, the 100-index of the Pakistan Stock Exchange (PSX) continued the bearish trend for the 3rd consecutive session as on Monday, the index lost ,039.34 points further with a negative change of 1.63 percent. At close of the day, the index settled at 62,773.72 points as compared to 63,813.06 points on Saturday.
The recent bearish trend occurred due to profit-taking and the uncertainty over the settlement of circular debt issue in the energy sector.
During the trading most of the heavy sectors opted for selling including cement, chemical, commercial banks, oil and gas exploration companies, OMCs, power generation entities, refinery, etc.
On Monday, 317,577,239 shares valuing Rs 10.693 billion were tackled against 412,823,322 shares valuing Rs.16.185 billion on the previous day.
In total, 348 companies traded their shares in the stock market,73 recorded gains, 253 faced losses, whereas the share prices of 22 remained unchanged.
K-Electric Limited remained the volume leader among the top-three trading companies with 46,691,829 shares at Rs.4.85 per share followed by PIAC(A) with 22,938,500 shares at Rs.9.93 per share whereas WorldCall Telecom settled with 21,480,705 shares at Rs.1.25 per share.
Unilever Pakistan Foods Limited recorded a maximum gain of Rs.1,000.00 per share price, closing at Rs.22,500.00, whereas Sapphire Fibres Limited settled as the runner-up with a rise of Rs.97.00 in its per share price to Rs.1,577.00.
Mari Petroleum Company Limited experienced a maximum decline of Rs.99.21 per share closing at Rs.2,353.16, followed by Siemens (Pakistan) Engineering with a fall of Rs.26.37 to close at Rs.597.62.
Bullish, Bearsh Trend at PSX
Despite the recent oscillation in the market, with a bearish trend for the last three days, the 100-index mostly witnessed bullish flow during last couple of months, where the market also achieved a historic upward trend by gaining about 60% in last 6 months.
In middle of December 2023, the market witnessed a bearish trend, 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 index got 8000 points while during last five months the 100-index benchmark surpassed historical 24000 points.
Meanwhile, the 100-index recorded a number of consecutive all-time high recently. After placing a number of records in November, 100-index crossed the historic 60000 benchmark. The market continued the same bullish momentum in first quarter of December and till December 12 it achieved over 5000 points to reach 66000 plus points.
However, from December 13 the market turned bearish with a major 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 over 2500 points. Later the market turned bullish to achieve over 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points.
