ISLAMABAD: After witnessing a record-breaking last week, followed by three days of bullish trend in the current week, the 100-index of Pakistan Stock Exchange (PSX) on Thursday remained stable with a bit bullish trend and gained 29.27 points with a positive change of 0.05 percent. At close the market settled at 60,531.27 points against its last day level of 60,502.00 points.
On Thursday, a total of 467,159,704 shares valuing Rs 18.752 billion were transacted as compared to 692,220,122 shares valuing Rs 27.039 billion on Wednesday.
Meanwhile on Thursday, 379 companies traded their shares in the stock market, 148 of them received gains and 212 remained in the red zone with losses, whereas the share prices of 19 remained unchanged.
Fauji Foods Ltd remained the volume leader among the top-three trading companies with 34,548,158 shares at Rs9.05 per share followed by Fauji Fert Bin with 33,025,000 shares at Rs 24.00 per share and WorldCall Telecom with 28,095,487 shares at Rs 1.51 per share.
Unilever Foods recorded a maximum appreciation of Rs 400.00 per share price, closing at Rs 22,500.00, whereas Ismail Ind settled as the runner-up with a rise of Rs 86.78 in its per share price to Rs 1,243.78.
Rafhan Maize witnessed a maximum decline of Rs 191.50 per share closing at Rs 10,100.00, followed by Mari Petroleum with a decline of Rs 42.32 to close at Rs 1,707.73.
Record Bullish Trend at PSX
During last couple of weeks, the Pakistan Stock Exchange witnessed a remarkable and recorded bullish trend. According to expert the recent bullish trend made the KSE-100 index as the top performer in Asia where the index improved over than 7000 points in just a couple of weeks. Only in November the 100-index gained over 8000 points while during last 5 months the index achieved historical more than 20000 points. In addition, volume of the trade was also increased to a significant level during last few months.
Meanwhile, the last 6 working days, witnessed six consecutive all-time high at PSX. Last Thursday, the index reached a new historic high and reached near 59000 marks, on Friday it crossed fifty nine thousand benchmark and on Monday, the index closed to 60000 mark. Meanwhile on Tuesday the 100-index surpassed sixty thousand milestone with a brief bullish trend of above 61000 mark in the middle of Wednesday.
According to the experts the continues bullish sentiments in the market were due to the recent engagements between Pakistan and the International Monetary Fund (IMF) to reach a staff-level agreement on the first review for 9-month Stand-By Arrangement (SBA) of $3bn. After completion of the process, next tranche of the IMF is expected in first week of December. After coming of the tranche from the IMF, inflows related to multilateral and bilateral partners are also expected. Meanwhile a possible decrease in policy rate during the coming days is another good sign for the investors.
