After ending in red on the first four days of the week, the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) ended the week on a high after gaining over 600 points. Â
The index recovered from an intraday low of -625 points to close at 113,247 points, up 609 points or 0.5 percent over the previous closing. Â
Brokerage house Topline Securities attributed the recovery in the second half of trading session to buying by institutions as they came in to buy the dip.Â
A total of 499,846,692 shares were traded during the day as compared to 695,142,411 shares the previous trading day, whereas the price of shares stood at Rs 24.82 billion against Rs. 24.3 billion on the last trading day.     Â
448 companies transacted their shares in the stock market today with 175 recording gains and 218 sustaining losses, whereas the share price of 55 companies remained unchanged.Â
Top positive contribution to the index came from OGDC, PPL, BAHL, HMB, DGKC and FCCL, as they cumulatively contributed 773 points to the index, Topline highlighted in its market review. Â
In a positive development, the remittances sent by overseas Pakistanis increased by 29 percent year-on-year (YoY) to $3.1 billion during December 2024 compared to $2.4 billion during December 2023, taking remittance during the first of FY25 to $17.8 billion, up 33 percent over the previous year.Â
Weekly performanceÂ
The brokerage firm attributed the 3.69 percent week-on-week decline in the KSE-100 Index to profit taking during the week. Average daily traded volume and value for the week stood at 782 million shares and Rs. 31.9 billion.Â
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Pump and dump