The Pakistan Stock Exchange (PSX) took a U-turn after a roller-coaster start on Friday morning when the share prices experienced a mixed session, reflecting the investors were cautious, but later the stocks rallied, reported 24NewsHD TV channel.
The PSX benchmark KSE-100 Index gained 1,568 points or 1.45%, to reach 107,843.59.
Concerns over global economic trends, year-end profit-taking, and uncertainty surrounding recent policy developments kept activity subdued, despite improved macroeconomic indicators bolstering long-term confidence.
Friday’s volatility followed Thursday’s historic sell-off, during which the KSE-100 Index plummeted 4,795.32 points (-4.32%) to close at 106,274.97, marking the steepest single-day decline in PSX history.
The sell-off was driven by year-end redemptions from local mutual funds and institutional profit-taking, with heavyweight stocks such as MARI (-10%), HUBC, UBL, OGDC, and ENGRO collectively contributing over 1,500 points to the decline.
Despite the negative sentiment, trading volumes remained robust, with 1,155 million shares traded and a turnover of Rs56.6 billion.
This improvement was driven by a reduction in the trade and services deficits and lower interest and dividend repatriations.
Foreign direct investment (FDI) also rose 31% year-on-year to $1.124 billion, with significant inflows from China, Hong Kong, and the United Kingdom. Meanwhile, remittances grew by 29% year-on-year in November to $2.9 billion, bringing the five-month total to $14.8 billion.
Reporter Ayaz Rana