PSX up nearly 1,850 points on interest in bank

KARACHI
The Pakistan Stock Exchange extended Thursday’s rebound on Friday, with the benchmark KSE-100 Index gaining 1,841 points, or 1.09 per cent, to close at 170,885.
Buying stayed firm through the session. The index traded between 169,400 and 171,037. Ready-market volume reached about 575 million shares, with 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 driver, contributing 803 points. Cement added 266 points, fertiliser 257 points, exploration & production 129 points and power 80 points, as per KTrade. Top gainers were Fauji Fertiliser (FFC, +225 points), United Bank (UBL, +208), Meezan Bank (MEBL, +142), Lucky Cement (LUCK, +141) and Habib Bank (HBL, +117).
Losers were limited. Packages (PSEL), Nestle Pakistan, Ghandhara Industries (GHNI), Adamjee Insurance and Attock Refinery trimmed the index.
Volume was concentrated in lower-priced names: Media Times (MDTL) led with 69.7 million shares (+13.2%), followed by WorldCall, Cnergyico, K-Electric and First Capital Securities. By sector, technology stocks were the most traded on the All-Share board (156 million shares), ahead of power, investment banks, refinery and OMCs.
KTrade said the advance was supported by buying in banks, cement, fertiliser, E&P and power. “A decline in oil prices remains a key positive macro trigger for Pakistan,” the brokerage noted, adding that further moderation in crude could ease external-sector pressure and lift sentiment. Near-term direction, it said, 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.