ISLAMABAD: After a loss of over 500 points last day, the 100-index of the Pakistan Stock Exchange (PSX) continued the bearish trend for the second consecutive day as on Friday, the index lost 484.94 points further with a negative change of 0.75 percent. At close the index settled at 63,813.06 points as compared to 64,298.01 points, on last day.
On Friday, 412,823,322 shares valuing Rs 16.185 billion were entertained against 460,691,033 shares valuing Rs. 25.248 billion, the previous day.
In total, 341 companies traded their shares in the stock market, 98 of them witnessed gains, 221 remained in the red zone with losses, whereas the share prices of 22 remained unchanged.
Pakistan International Airlines Corp (PIAC) remained the volume leader among the top-three trading companies with 66,176,000 shares at Rs.10.34 per share followed by K-Electric Limited with 47,105,158 shares at Rs.5.15 per share whereas Oil and Gas Development settled as number three with 31,070,396 shares at Rs.141.37 per share.
In the green zone, Atlas Honda Limited experienced a maximum appreciation of Rs.28.52 per share price to close at Rs.408.77, whereas Indus Motor Company Limited settled as the runner-up with an increase of Rs.25.42 in its per share price to settle at Rs.1,445.77.
In the red zone, Unilever Food Limited recorded a maximum fall of Rs.400.00 per share closing at Rs.21,500.00, followed by Mari Petroleum Company Limited with a decline of Rs.82.29 per share to close at Rs.2,452.37.
Bullish, Bearsh Trend at PSX
Despite the recent oscillation in the market, with a bearish trend for the last two days, the 100-index mostly witnessed bullish trend during last couple of months, where the market also experienced a historic upward trend by gaining about 60% in last 6 months.
In middle of December 2023, the market recorded 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 achieved 8000 points while during last five months the 100-index benchmark surpassed historical 24000 points.
Meanwhile, in addition, the 100-index witnessed several 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 above 66000 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.
