Pakistan Stock Exchange continues to rise with additional 612 points
Published on: March 19, 2024.
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Bullish Trend Continues as Pakistan Stock Exchange Gains 612 Points
The Pakistan Stock Exchange (PSX) continued its positive momentum today, gaining a further 612.09 points or 0.94 percent. The 100-index settled at 65,502.60 points, compared to 64,890.51 points on the previous day, marking a significant increase.
Trading activity also saw a boost, with 323,281,871 shares valued at Rs.17.059 billion being traded today, compared to 211,758,341 shares valued at Rs.7.785 billion the day before. A total of 341 companies participated in the stock market, with 184 companies recording gains, 140 companies experiencing losses, and 17 companies seeing no change in their share prices.
Among the top-three trading companies, WorldCall Telecom led the volume with 27,822,745 shares at Rs.1.38 per share. Telecard Limited followed closely with 20,828,617 shares at Rs.9.23 per share, while the Bank of Punjab settled with 17,912,724 shares at Rs.6.14 per share.
In terms of individual companies, Unilever Pakistan Foods Limited saw the highest appreciation, with its share price increasing by Rs.200.00 to settle at Rs.21,700.00. Pakistan Tobacco Company Limited came in second, with a Rs.67.20 increase in its share price to Rs.1,059.20.
On the other hand, Sapphire Fibres Limited experienced the largest decline, with its share price falling by Rs.91.67 to close at Rs.1,415.00. Nestle Pakistan Limited also saw a decrease of Rs.80.00, settling at Rs.7,420.00.
Bullish Sentiments in the Pakistan Stock Exchange
The Pakistan Stock Exchange has been experiencing mostly bullish sentiments in recent times, with the market witnessing a historic upward trajectory. In the past seven months alone, the market has gained more than 24,000 points, achieving over a 60% increase.
Notably, in November 2023, the 100-index exceeded 8,000 points, reaching new heights. The momentum continued as the index surpassed several consecutive all-time highs, eventually achieving the historic milestone of 66,000 points in the first quarter of December 2024.
However, the market also saw downtrends during this period, experiencing major declines on December 13th, 20th, and 22nd, with significant point drops. Despite these downturns, the market quickly recovered and demonstrated resilience, with subsequent bullish trends.
Overall, the Pakistan Stock Exchange has shown remarkable performance and stability, with the index hovering between 63,000 and 66,000 points in recent times.
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