ISLAMABAD: A sudden political move of a resolution passed in the senate on election delay took investors to the red zone at the 11th hour of the session as on Friday, the 100-index of the Pakistan Stock Exchange (PSX) ended with a bearish trend. Soon after the news appeared on media, the index became under pressure and went down over 500 points, with some recovery at the end. But still at close the index ended bearish with a loss of 124 points to settle at 64,514.90 points compared to 64,639.16 points last day.
On Friday, 949,559,318 shares valuing Rs.19.355 billion were entertained compared to 548,989,972 shares valuing Rs. 15.395 billion on Thursday.
In total 362 companies traded their shares in the stock market, 161 of them recorded gains to remain in the green zone, 187 sustained losses, whereas the share prices of 14 recorded no change.
Like the last couple of days, K-Electric remained the volume leader among the top-three trading companies with 481,119,880 shares at Rs.6.12 per share followed by WorldCall Telecom with 33,379,558 shares at Rs.1.47 per share and Bank of Punjab settled at 28,423,802 shares at Rs.6.92 per share.
Bullish Trend at PSX
Last two and a half months in the market, witnessed a remarkable Bullish trend while during last several months the KSE-100 Index has recorded a historic bullish momentum after gaining about 60%.
A brief bearish sentiment prevailed in the last part of December till 26th of the month due to profit-taking and correction process. However, during the last two months the market gained more than 14000 points. In November the 100-index got over 8000 points while during last five months the 100-index benchmark achieved historical 24000 plus points.
In addition, during the last two months, the index recorded a number of consecutive all-time high at PSX. After setting a number of records in the middle of November, index crossed a new historic high and crossed 58000 benchmark. At the end of November, the index crossed 60000 benchmark. Meanwhile the market continued the same bullish trend in first quarter of December and till December 12 it gained over 5000 points to reach above 66000 points.
However, from December 13 the market turned to a massive bearish trend with a major decline on 20th December (over 2300 points) followed by another bearish trend of over 1100 points on 22nd of December, again followed by a bloodbath on 26th December by over 2500 points. But later the market turned bullish to gain over 2900 points added by another historic bullish trend on a single day (last Monday) to get over 2200 points. However last could of days the market remained mostly stable except a brief panic in the middle session on Friday
