ISLAMABAD: After witnessing a bearish trend for the last three consecutive session, the Pakistan Stock Exchange (PSX) turned bullish over statements by the International Monetary Fund (IMF). The possible fresh engagement by the new government with the IMF took the market up in the early session and event went over 400 points on Friday.
However, at close the index settled at 65 775 with a gain of 171.6 points against the previous day stand of 65604.
Due to recent political stability in the country the market turned bullish on Friday to the same flow it recorded last week where heavy sectors including OGDC, PSO, SHEL etc traded in green and opted for buying.
Meanwhile in a major development, IMF in a statement mentioned that the monetary body was all set ready to send its mission to Pakistan for the 2nd review of the Stand-by Arrangement (SBA) after a new cabinet is formed. Pakistan received over $700 million of the same agreement in January 2024.
Bullish, Bearish Trend at PSX
In recent times, the 100-index mostly recorded bullish sentiments, where the market also witnessed a historic bullish trend by gaining about 60% in last 6 months.
In general, the market surpassed 4000 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 crossed several consecutive all-time high in recently. After having a number of records last November, 100-index achieved the historic 60000 benchmark. The market continued the same bullish trend 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 down with a significant 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 more than 2500 points. Later the market went up 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 way till date, with a significant bearish flow during last three days followed by a bullish flow on Friday.
