ISLAMABAD: After sensing the positive political sentiments in the country in context of formation of the new government the Pakistan Stock Exchange (PSX) KSE-100 index continued the bullish momentum for the fourth consecutive day, as on Friday the index crossed the 65,000 level.
At close, the index settled at 65,325.69 with a gain of 747.16 points (1.16%.) as compared to the last day stand of 64,578.52 points. During the last 4 days including Friday the index got more than 2000 points whereas on Friday some of the companies from heavy sector including Engro, PSO, auto sector, etc remined in green with gains.
Experts believe the ongoing bullish sentiments was due to the revival of political stability in the country including formation of governments in centre and provinces after the General Elections and predicted further upward trend in the days to come.
In a key development, Caretaker Finance Minister Dr Shamshad Akhtar, in a Ministry of Finance report, said the new government must complete the last review of the International Monetary Fund (IMF) Stand-By Arrangement (SBA).
Meanwhile, on Friday, Volume on the all-share index went down to 344.22 million from the last day stand of 424.04 million whereas the value of shares decreased to Rs13.38 billion from Rs17.05 billion on Thursday.
Kohinoor Spinning remained the volume leader among the top-three trading companies with 71.35 million shares, followed by K-Electric Ltd as runner-up with 19.42 million shares, whereas Treet Corp settled with 17.47 million shares.
In total 350 companies traded their shares, 172 remained in green with gains, 158 met a fall, while 20 remained unchanged.
Bullish Trend at PSX
During last couple of days, the 100-index mostly experienced a bullish trend, where the market also witnessed a historic bullish flow by gaining about 60% in last 6 months.
In general, the market crossed 14000 points during last couple of months. In November, 2023, the 100-index improved by 8000 points while during last five months the market got the historical 24000 points.
Meanwhile, the 100-index surpassed several consecutive all-time high in recently. After having a number of records last November, 100-index crossed the historic 60000 benchmark. The index continued the same bullish sentiment in first quarter of December and till December 12 it crossed 5000 points to reach 66000 plus points.
However, from December 13 the index went bullish with a major decrease 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 down to get 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 way till date, with a major bearish flow during last couple of days, where the market lost over 4000 points, followed by a bullish trend for the last 6 working days except Tuesday.
