Oil dip, late buying lift PSX over 1,000 points

KSE-100 closes at 169,043 points after Wednesday’s slump as crude easing supports sentiment

KARACHI:

The Pakistan Stock Exchange recovered on Thursday after Wednesday’s sharp decline, with the benchmark KSE-100 Index closing at 169,043 points, up 1,021 points or 0.61 per cent.

The index opened under pressure and touched an intraday low of 168,223 before buying interest built through the session. It peaked at 169,577 and settled with a late recovery. Volume on the KSE-100 was about 125 million shares, with traded value of Rs13.45 billion. The All-Share Index rose 688 points (0.68 per cent) to 102,245 on volume of 383 million shares.

Sectoral contributions were mixed but were positive on a net basis. Exploration & production stocks added the most (339 points), followed by commercial banks (304 points) and cement (149 points).

Key gainers on the index included PPL (+177.7 points, +3.4 per cent to Rs225.51), UBL (+93.3 points), Mari (+83.4 points), Bank Alfalah and HBL.

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Losers were led by NBP (−39.3 points), FFC, PSEL, Engro Fertilisers and Millat Tractors.

Among the most actively traded names on the All-Share index were MDTL (42.2 million shares), Cnergyico, Nishat Chunian, Pakistan Refinery and The Bank of Punjab.

Analysts at K-Trade noted that overnight weakness in oil prices provided a key macro trigger. Brent crude traded as low as around $103 a barrel after recent highs near $106-109.

Lower oil prices ease pressure on Pakistan’s import bill, current account and inflation outlook - a positive for sentiment after Wednesday’s 1,370-point drop, which had been driven by elevated crude and regional geopolitical concerns.

The market is expected to show further resilience if oil remains contained, though external-sector and geopolitical risks remain watch points.