PSX gains 1,841 points on crude price relief

Pakistan Stock Exchange (PSX) extended its recovery on Friday, with the benchmark KSE-100 index gaining around 1,850 points, as easing crude oil prices and hopes of renewed US-Iran diplomatic engagement improved investor sentiment.

At the close of trading, the KSE-100 index posted a gain of 1,841.39 points, or 1.09%, and settled at 170,884.59.

Topline Securities, in its market review, noted that the KSE-100 gained ground, supported by continued weakness in crude oil prices amid easing supply concerns. Market sentiment also improved on expectations of renewed US-Iran diplomatic engagement.

Meanwhile, Saudi Arabia's efforts to restore its damaged East-West pipeline could further ease supply pressures, providing additional support to market sentiment. Top positive contribution to the index came from FFC, UBL, MEBL, LUCK and HBL, as they cumulatively contributed 833 points.

Traded value-wise, PPL (Rs1.45 billion), OGDC (Rs947 million), MLCF (Rs750 million), DGKC (Rs540 million) and UBL (Rs473 million) dominated the activity. Traded volume and value for the day stood at 576 million shares and Rs22 billion, respectively.

KTrade noted that the PSX extended Thursday's rebound on Friday, with the benchmark KSE-100 index gaining 1,841 points, or 1.09%, to close at 170,885.

Buying stayed firm throughout the session. The index traded between the low of 169,400 and high of 171,037. The ready-market volume reached about 576 million shares, with the KSE-100 value at Rs13.2 billion. The All-Share Index rose 1,053 points (+1.03%) to 103,297, the KSE-30 added 585 points (+1.16%) to 50,883 and the KMI-30 gained 2,523 points (+1.05%) to 243,139.

Banks were the biggest index drivers, contributing 803 points. Cement firms added 266 points, fertiliser 257 points, exploration & production 129 points and power 80 points, as per KTrade.

Volume was concentrated in lower-priced names. Media Times (+13.2%) led with 69.7 million shares, followed by WorldCall, Cnergyico, K-Electric and First Capital Securities. Sector-wise, technology stocks were the most traded on the All-Share Index board (156 million shares), ahead of power, investment banks, refineries and OMCs.

"The decline in oil prices remains a key positive macro trigger for Pakistan," the brokerage house noted, adding that further moderation in crude could ease external-sector pressure and lift sentiment. "Near-term direction still depends on the evolving Middle East situation."

The two-day rebound has taken the KSE-100 back above 170,000 after Thursday's 1,021-point rise to 169,043. International crude has fallen for a third session as Saudi supply concerns eased, even as regional tensions persist.

At the PSX, overall trading volumes were recorded at 576.26 million shares compared with the previous session's tally of 386.37 million. The value of shares traded during the day was Rs22.41 billion.

Shares of 496 companies were traded. Of these, 351 stocks closed higher, 110 fell and 35 remained unchanged.

Media Times was the volume leader with trading in 69.65 million shares, gaining Re1 to close at Rs8.60. It was followed by WorldCall Telecom with 33.05 million shares, gaining Rs0.01 to close at Rs1.03 and Cnergyico Pk with 31.35 million shares, gaining Rs0.04 to close at Rs12.92. Foreign investors sold shares worth Rs359 million, the National Clearing Company reported.