On the 16th of February 2024, the Pakistan Stock Exchange (PSX) experienced a bearish trend, with the 100-index witnessing a notable decline of 1,147.10 points, marking a negative change of 1.88 percent. The market closed at 59,872.96 points, down from 61,020.06 points on the previous trading day, reflecting the challenges faced by investors in the current economic landscape.
Trading Overview:
The trading session saw a total of 314,247,768 shares changing hands, valued at Rs.12.243 billion. This was a decrease from the last trading day, which recorded 345,126,091 shares traded, valued at Rs.11.873 billion. The day’s trading activity reflects the dynamic nature of the market and the shifting sentiments among investors.
Company Performance:
A total of 331 companies participated in the stock market, with 77 recording gains, 238 sustaining losses, and 16 maintaining unchanged share prices. This diverse performance across various sectors underscores the challenges and opportunities present in the market.
Top-Trading Companies:
The three top-trading companies during the session were K-Electric Limited, WorldCall Telecom, and Oil and Gas Development. K-Electric Limited led with 41,835,629 shares traded at Rs 4.10 per share, followed by WorldCall Telecom with 25,778,097 shares at Rs 1.21 per share and Oil and Gas Development with 20,693,864 shares at Rs 107.93 per share.
Stock Performance:
Bhanero Textile Mills Limited witnessed the highest increase in share price, gaining Rs 69.38 and closing at Rs.994.38. Following closely was Hallmark Company Limited, which experienced a rise of Rs 22.67 per share, closing at Rs 325.45.
On the other hand, Rafhan Maize Products Company Limited saw the most significant decrease in share price, losing Rs 134.35 and closing at Rs 8,365.65. Mari Petroleum Company Limited followed with a decline of Rs 68.86, closing at Rs.2,198.25.
The bearish trend in the PSX on February 16, 2024, reflects the complexities and uncertainties in the market. Investors navigate through a landscape where companies experience varied performances, and share prices fluctuate. As the market responds to economic factors and global events, investors must stay vigilant and informed to make strategic decisions in this ever-evolving financial environment.
Afsheen Gohar believes in the power of clear, straightforward writing. Her blog posts tackle everyday topics with relatable insights and easy-to-follow advice. With a conversational style, she makes complex subjects feel understandable. She’s dedicated to sharing knowledge and empowering readers to take action. Find her latest posts on trending in social.
