Refinery stocks take PSX up by 398 points
Pakistan Stock Exchange (PSX) on Monday ended trading on a positive note as the benchmark KSE-100 index gained 397.83 points, or 0.22%, to settle at 180,502.45.
The market maintained its upward march for most of the session, where the index moved between the intra-day high of 181,158.87 and the low of 180,281.75. The advance was underpinned by activity in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, power generation, refineries and oil marketing companies.
Energy stocks were in the spotlight as international oil prices strengthened amid renewed concerns over crude supplies. Prices rose as diplomatic efforts to resolve the Middle East conflict showed little progress, although the absence of major supply disruptions capped gains. Sentiment also drew some support from US President Donald Trump's positive remarks on the Makkah Joint Defence Agreement between Pakistan, Saudi Arabia and Turkiye. He described the trilateral pact as a "big, bold and important first step".
Additionally, the refinery upgrade programme injected fresh optimism into the market, with investors viewing the planned investment of $4.5-5 billion as a positive catalyst for the sector and the broader energy landscape. Despite the positive close, investors remained cautious over the lingering regional uncertainties.
According to Arif Habib Limited (AHL) Deputy Head of Trading Ali Najib, the market opened on a positive note, when the benchmark index touched the intra-day high of 181,158.87, up 1,054 points (+0.59%). The refinery sector remained in the limelight, where Pakistan Refinery, Attock Refinery, National Refinery and Cnergyico rallied.
Najib said the rally was driven by news that Pakistan's refinery modernisation programme was moving towards implementation, with five domestic refineries planning $4.5-5 billion in investments across green fuel, bottom-of-the-barrel and capacity expansion projects.
Pakistan State Oil, Pakistan Petroleum, Attock Refinery, Cnergyico and Oil & Gas Development Company collectively added 723 points to the index. Conversely, Habib Bank, Fauji Fertiliser, Systems Ltd, Lucky Cement and Habib Metropolitan Bank erased 403 points amid selective profit-taking. On the corporate front, Service Long March Tyres reported FY26 earnings per share of Rs1.83, up 30% year-on-year from Rs1.40, and announced a cash dividend of Rs0.83 per share.
Looking ahead, Najib said the outlook remained constructive, supported by refinery-sector optimism, strong corporate earnings and improving macroeconomic fundamentals. However, he cautioned that after the recent gains, profit-taking may keep the market volatile in the near term, particularly around elevated levels.
KTrade Securities mentioned that the KSE-100 index rose 398 points, or 0.22%, as buying interest remained concentrated in the energy space. Trading activity was robust, with 511 million shares changing hands on the KSE-100. Market participation remained broad, but oil and gas continued to be the key driver, with strength visible across the entire energy chain, from exploration to marketing and refining.
PSO, PPL, Attock Refinery, Cnergyico and OGDC were among the notable contributors, helping keep the index in positive territory. KTrade noted that the session had a clear energy-led theme as investors positioned themselves across multiple segments of the oil and gas value chain.
Looking ahead, the brokerage said the index continued to hold above the 180,000 level, while sustained participation and continued strength in energy stocks could keep the broader market tone positive. "A decisive move above recent highs will be important for further upside."
Overall trading volumes increased to 1.05 billion shares compared with Thursday's total of 891.3 million. The value of traded shares stood at Rs48.3 billion.
In the ready market, shares of 498 companies were traded. Of these, 197 stocks closed higher, 276 fell and 25 remained unchanged.
Cnergyico Pk was the volume leader with trading in 312.5 million shares, rising Rs1.33 to close at Rs15.01. Foreign investors sold shares worth Rs521.6 million, the National Clearing Company reported.