Led by energy stocks, PSX gains 575 points

Pakistan Stock Exchange (PSX) ended Friday's session on a firm note as the benchmark KSE-100 index rose 575 points to close near 177,170.

The index spent the first half of the day trading sideways before attracting buying interest later, when it touched the intra-day high of 177,583. Oil and gas stocks provided the main lift, with OGDC, Hubco and Attock Refinery among the strongest contributors.

At the close of trading, the KSE-100 posted a rise of 574.76 points, or 0.33%, and settled at 177,166.52.

Arif Habib Limited (AHL), in its report, noted that the benchmark index gained 575 points during the day. Resistance in the 178,000 to 180,000 zone held firm, with the high recorded near 177,600. Market breadth was positive, as 62 shares advanced while 37 declined.

Oil and Gas Development Company, Hub Power and Attock Refinery were among the strongest contributors to the index gains, rising 1.99%, 1.25% and 5.09%, respectively. On the downside, United Bank, The Bank of Punjab and Thal Limited exerted the major negative pressure, where Thal fell more than 5%.

The AHL report also pointed to external and political developments that investors were closely watching. Former prime minister Imran Khan was sent back to jail after a hospital visit, as the medical staff described his condition as stable. Separately, US officials indicated plans for the toughest sanctions yet on Iran, with an emphasis on economic measures rather than military action.

Technically, AHL highlighted, the accompanying daily chart from Bloomberg showed the index testing but not yet breaking the key resistance band. Analysts at Arif Habib suggested that a sustained move above the 178,000-180,000 zone in the coming sessions would be required to strengthen the near-term upside outlook for the market. Overall trading volumes and values remained moderate, reflecting a cautious but constructive tone among participants.

Topline Securities, in its market review, observed that the KSE-100 index largely traded sideways during the first half of the session; however, some investor interest emerged in the latter hours, as the index gained ground to hit the intra-day high of 0.56% and finally settled at 177,167 (up 0.33%).

The top positive contribution to the index came from OGDC, Hubco, Attock Refinery, Service Industries, Pakistan Petroleum and Mari Energies, which cumulatively contributed 494 points. Traded value-wise, Cnergyico (Rs3.5 billion), OGDC (Rs2.38 billion), PPL (Rs1.95 billion), Hubco (Rs1.65 billion), PSO (Rs1.55 billion) and Attock Refinery (Rs1.27 billion) dominated the activity, Topline said.

Overall trading volumes were recorded at 689 million shares compared with the previous session's tally of 665 million. The value of shares traded during the day was Rs35.66 billion.

Shares of 493 companies were traded. Of these, 246 stocks closed higher, 216 fell, and 31 remained unchanged.

Cnergyico Pk was the volume leader with trading in 250 million shares, gaining Rs1.26 to close at Rs14.45. It was followed by Pakistan Refinery with 31 million shares, gaining Rs8.25 to close at Rs90.97, and K-Electric with 27 million shares, remaining unchanged at Rs7.15.

Foreign investors bought shares worth Rs125 million, the National Clearing Company reported.