ISLAMABAD: Like the last week, the ongoing week also mostly witnessed a bearish trend as the 100-index of the Pakistan Stock Exchange (PSX) continued its bearish sentiments on Friday while losing 1,147.10 points with a negative change of 1.88 percent. At close the index settled at 59,872.96 points against the last day stand of 61,020.06 points.
On Friday, 314,247,768 shares valuing Rs.12.243 billion were entertained against 345,126,091 shares valuing Rs. 11.873 billion the previous day.
In Total, 331 companies traded their shares in the stock market, 77 of them closed with gains, 238 sustained losses, whereas the share prices of 16 remained unchanged.
K-Electric Limited remained the volume leader among the top-three trading companies with 41,835,629 shares at Rs 4.10 per share followed by WorldCall Telecom with 25,778,097 shares at Rs 1.21 per share whereas Oil and Gas Development settled with 20,693,864 shares at Rs 107.93 per share.
Bhanero Textile Mills Limited recorded a maximum appreciation of Rs 69.38 per share price to settle at Rs.994.38, whereas Hallmark Company Limited settled as the runner-up an increase of Rs 22.67 rise in its per share price to Rs 325.45.
Rafhan Maize Products Company Limited observed a maximum decline of Rs 134.35 per share closing at Rs8,365.65, followed by Mari Petroleum Company Limited with a fall of Rs 68.86 decline to close at Rs.2,198.25.
From Bullish to Bearsh Trend at PSX
Despite the last couple of months, the 100-index mostly witnessed a bullish trend, where the market also witnessed a historic bullish trend by gaining about 60% in last 6 months.
In middle of December 2023, the 100-index observed a bearish trend, due to profit-taking. However, in general the market achieved more than 14000 points during last two and a half month. In November, 2023, the market improved by 8000 points while during last five months the 100-index benchmark achieved the historical 24000 points.
Meanwhile, the 100-index surpassed several consecutive all-time high in recent past. After having a number of records in November, 100-index crossed the historic 60000 benchmark. The market continued the same bullish sentiments in first quarter of December and till December 12 it surpassed 5000 points to reach 66000 plus points.
However, from December 13 the market went bearish with a major fall on 20th December (over 2300 points) and on December 22nd (over 1100 points), again followed by a bloodbath on 26th December 2023, while going down by over 2500 points. Later the market went bullish to achieve over 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points. Later the market swung both way till date, with a significant bearish trend during last couple of days, where the market lost over 4000 points.
