ISLAMABAD: After a slight depreciation of just 38 points, the Pakistan Stock Exchange (PSX) KSE-100 Index continued the bearish trend on Tuesday with a major fall by more than 950 points. At close the index went below the 65,000 level with a decrease of 953 points to settle at 64,801.70 against the last day stand of 65,755.31.
Earlier in the last week, the market went bullish for more than 5 consecutive sessions. Experts believe the bearish trend on Tuesday was due to the correction process and profit-taking by investors.
In addition, the total liquidity and volume in the market also remained low due to the start of Ramazan.
Meanwhile, in a major development, Muhammad Aurangzeb, former Chief Executive Officer (CEO) of the country’s largest commercial bank HBL (Habib Bank Limited), officially took over the charge as Finance Minister of Pakistan after taking oath along with other ministers of the cabinet.
On Tuesday, the total volume on the all-share index went down to 321.71 million from the last day’s stand of 548.76 million whereas the value of shares witnessed a decrease to Rs10.86 billion against the last day’s figure of Rs16.60 billion.
Hascol Petrol remained the volume leader among the top three trading companies with 29.32 million shares, followed by PIAC(A) as the runner-up with 28.89 million shares, and Cnergyico PK settled with 25.5 million shares.
In total, 328 companies traded their shares, 57 registered gains, 254 recorded fall, while 17 remained unchanged.
Bullish, Bearish Trend at PSX
Recently, the 100-index mostly recorded bullish sentiments, where the market also enjoyed a historic bullish flow 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 went up by 8000 points whereas during the last six 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 got the historic 60000 benchmark for the first time. The market continued the same bullish sentiments in the first quarter of December and till 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 turned bullish by over 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.
