ISLAMABAD: Amid the formation of the new government, the Pakistan Stock Exchange (PSX) KSE-100 index continued the bullish sentiments where the market gained 626 points with a positive change of 0.96 percent. At close the index settled at 65,951.72.
From the very beginning of the day, the marker kept the upward trend it took from the previous day due to the ongoing political development in the country followed by the oath-taking ceremony of Shahbaz Sharif as the 24th Prime Minister of Pakistan. At one time the market even surpassed the 66,000 level, however later it settled at over 600 gains below 66000.
During the day. Most of the heavy sectors including Engro, OGDCL, PPL, and SNGPL closed in green and opted for buying. Experts believe the recent bullish flow to the ongoing political stability in the country.
Meanwhile, on Monday, the total volume on the all-share index went up to 472.86 million against 344.22 million the previous day, whereas the value of shares also appreciated to Rs16.28 billion as compared to Rs13.38 billion.
Kohinoor Spinning remained the top leader among the top-three trading companies with 67.4 million shares, followed by WorldCall Telecom as runner-up with 60.2 million shares whereas K-Electric Ltd settled with 36.8 million shares.
In total, shares of 358 companies were entertained, 184 remained in green with gains, 153 recorded losses, and 21 remained unchanged.
Bullish Trend at PSX
During the last couple of days, 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 14000 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 crossed the historic 60000 benchmark. The index continued the same bullish sentiment in the first quarter of December and by December 12 it surpassed 5000 points to reach 66000 plus points.
However, from December 13 the index went down 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 bearish getting 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 the last 7 consecutive working days except last Tuesday.
