ISLAMABAD: After losing over 1200 points on Friday, the 100-index of the Pakistan Stock Exchange (PSX) continued the bearish trend on the 2nd consecutive session as on Monday, the index went down by a massive 1,878.43 points with a negative change of 2.98 percent. At close, the market settled at 61,065.32 points compared to 62,943.75 points on Friday.
Another key reason for the bearish sentiments on Monday was news recently issued by the energy ministry regarding dealing with IMF hinted towards a possible delay in the circular debt reduction and tariff rationalization plans.
On Monday, 349,975,051 shares valuing Rs 12.745 billion were entertained against 258,073,610 shares valuing Rs.12.529 billion on Friday, whereas 354 companies traded their shares in the stock market, 35 of them recorded gains to remain in the green zone, 300 witnessed losses, while the share prices of 19 remained unchanged.
K-Electric Limited remained the volume leader among the top three trading companies with 50,348,573 shares at Rs.4.21 per share, followed by WorldCall Telecom with 34,623,947 shares at Rs.121 per share, while Oil and Gas Development settled with 14,939,483 shares at Rs.134.20 per share.
Pakistan Hotels Developers Limited recorded a maximum appreciation of Rs.28.47 per share price, to settle at Rs.455.68, whereas Ibrahim Fibres Limited settled as the runner-up with an increase of Rs.10.00 in its per share price to Rs.410.00.
Mari Petroleum Company Limited observed a maximum decline of Rs.127.10 per share, closing at Rs.2,147.01, followed by Hoechst Pakistan Limited with a fall of Rs.80.00 to close at Rs.1,320.00.
Bullish, Bearish Trend at PSX
Despite the recent swing in the market, the 100-index mostly enjoyed a bullish trend in the recent past, where the market also witnessed a historic bullish trend by gaining about 60% in the last 6 months.
In the middle of December 2023, the 100-index witnessed a bearish trend due to the profit-taking and correction process. However, in general, the market got over 14000 points during the last two and a half months. In November 2023, the market appreciated by 8000 points, while during the last five months, the 100-index benchmark enjoyed the historical 24000 points.
Meanwhile, the 100 index crossed several consecutive all-time highs in the recent past. After enjoying a number of records in November, the 100-index surpassed the historic 60000 benchmark. The market continued the same bullish trend in the first quarter of December, and by December 12, it crossed 5000 points to reach 66000 plus points.
However, from December 13, the market went bearish with a major fall on December 20 (over 2300 points) and on December 22 (over 1100 points), again followed by a bloodbath on December 26, 2023, while going down by over 2500 points. Later, the market turned bullish to achieve over 2900 points, followed by another historic bullish trend on a single day (January 1) to get over 2200 points.
