KARACHI: In a highly volatile weekend session, the stock market snapped a four-session bear run on late institutional buying on Friday.

Topline Securities Ltd said that by extending its overnight bearish momentum, the market opened negative and declined 625 points (0.55pc) intraday. However, in the second half, institutions bought at the dips, helping the benchmark KSE 100 index recover to close at 113,247, adding 609.03 points or 0.54pc day-on-day.

Ahsan Mehanti of Arif Habib Corporation said stocks staged a partial recovery led by blue-chip oil and cement scrips amid surging global crude oil prices and falling government bond yields.

Upbeat data on $3.1 billion remittances surging by 29.3pc year-on-year in December 2024 and projections over SBP key policy rate cut this month catalysed a bullish close at PSX.

The top positive contribution to the index came from Oil and Gas Development Company, Pakistan Petroleum, Bank Al-Habib, Habib Metropolitan Bank, DG Khan Cement and Fauji Cement Company, as they cumulatively contributed 773 points. Conversely, Engro Holdings, Hub Power, United Bank, Habib Bank, and Meezan Bank lost 216 points.

Ali Najib, Head of Sales at Insight Securities, said the market initially witnessed a directionless behaviour as the index got caught in a pull-and-push situation without any positive triggers. So, profit-taking and value-hunting sentiments struggled during the trading session. Ultimately, some fresh flows in energy sectors stocks saved the day.

However, the trading volume plunged 28.09pc to 499.84 million shares, but the traded value rose 2.18pc to Rs24.82bn day-on-day.

Stocks contributing significantly to the traded volume included WorldCall Telecom (68.82m shares), Fauji Foods (31.85m shares), Cnergyico PK (31.58m shares), Pace Pakistan (23.73m shares) and K-Electric (19.79m shares).

The shares registering the most significant increases in their share prices in absolute terms were Nestle Pakistan (Rs351.39), Unilever Foods (Rs89.00), Hallmark Company (Rs66.35), Mehmood Textile (Rs53.69) and Pakistan Engineering Company (Rs34.07).

The companies registering significant decreases in their share prices in absolute terms were PIA Holding Co [B] (Rs67.82), Service Industries (Rs28.58), Abbott Lab (Rs28.16), JDW Sugar Mills (Rs27.36) and Indus Motor Company (Rs24.52).

Published in Dawn, January 11th, 2025