ISLAMABAD: After losing over 200 points last day, the 100-index of the Pakistan Stock Exchange (PSX) on Wednesday continued the bearish trend while losing 69.42 points further with a negative change of 0.11 percent. At close the index settled at 65,656.62 points compared to the last day’s stand of 65,726.04 points.
On Wednesday, 419,737,124 shares valuing Rs18.296 billion were entertained against 396,598,408 shares valuing Rs16.591 billion on Tuesday.
In total, 354 companies traded their shares in the stock market, 163 of them recorded gains to remain in green, 172 sustained losses, while the share prices of 19 experienced no change.
Cnergyico PK remained the volume leader among the top-three trading companies with 30,683,511 shares at Rs 4.63 per share followed by PIAC(A) with 28,092,000 shares at 14.51 per share as runner-up while Pak Refinery settled with 28,036,399 shares at Rs 28.52 per share.
Nestle Pakistan Limited recorded a maximum appreciation of Rs 522.50 per share price to settle at Rs 8,200.00, whereas Unilever Pakistan Foods Limited settled as the runner-up with a rise of Rs 400.00 in its per share price to Rs.21,500.00.
Mari Petroleum Company Limited recorded a maximum fall of Rs 53.56 per share closing at Rs 2,431.67, followed by Pakistan Hotels Developers Limited with a decline of Rs 39.67 to close at Rs 489.33.
From Bullish to Bearish Trend at PSX
In recent times, the 100-index mostly enjoyed a bullish flow, where the market also witnessed a historic bullish sentiment by gaining about 60% in the last 6 months.
In general, the market surpassed 4000 points during the last couple of months. In November 2023, the 100-index appreciated by 8000 points while during the last five months, the market got the historical 24000 points.
Meanwhile, the 100-index crossed several consecutive all-time highs recently. After having a number of records last November, the 100-index reached the historic 60000 benchmark. The index continued the same bullish trend in the first quarter of December and by December 12 it crossed 5000 points to reach 66000 plus points.
However, from December 13 the index remained bearish with a significant decline 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 by more than 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points. Later the market oscillated both ways till date, with a major bearish flow during the last couple of days, where the market lost over 4000 points, followed by a bullish trend for 7 consecutive working days before last Tuesday.
