PSX edges up amid oil price concerns

KSE-100 index increases 234 points as geopolitical tensions weigh Pakistan Stock Exchange (PSX) closed marginally higher on Friday, with the benchmark KSE-100 index gaining less than 235 points, as selective buying in banking and technology stocks offset selling pressure in oil and gas and cement shares amid elevated crude oil prices and persistent geopolitical uncertainty. At the close of trading, the KSE-100 posted a modest gain of 233.55 points, or 0.14%, and settled at 166,419.72. Topline Securities said it was a range-bound session at the exchange as the index traded between its intra-day high of 0.31% and intra-day low of 0.14% to finally close at 166,420 (up 0.14%). "This range-bound activity can be attributed to a lack of triggers and elevated crude oil prices," it said. Top positive contributors to the index were SYS, UBL, MCB, BAHL and EFERT as they cumulatively added 269 points. On the other hand, OGDC, LUCK, MEBL, PTC and ENGROH lost value, pulling the index down by 223 points. Traded value-wise, PSO (Rs1.42 billion), UBL (Rs1.07 billion), CNERGY (Rs479 million), PPL (Rs473 million) and ATRL (Rs384 million) dominated the activity. Topline further said the KSE-100 index continued its downward trajectory, declining by 0.4% week-on-week (WoW), primarily driven by high crude oil prices amid US-Iran geopolitical tensions and expectations of a potential policy rate hike by the State Bank at its upcoming monetary policy meeting to contain inflationary pressures. KASB KTrade Head of Support Trading Ahmed Sheraz noted that the KSE-100 closed marginally higher, gaining 234 points (+0.14%) to settle at 166,420, amid mixed sectoral performance and subdued investor participation. Trading volumes stayed low at 133 million shares, with CNERGY, KEL and LOTCHEM among the notable volume leaders within the index. Overall market sentiment remained cautious, where selective buying supported the benchmark rather than a broad-based rally. Sector-wise, commercial banks, technology and oil & gas stocks provided the primary support, led by gains in SYS, UBL, MCB, BAHL and EFERT. However, weakness in cement stocks and selling pressure in OGDC, LUCK and MEBL capped the upside, reflecting a mixed performance across key sectors. Meanwhile, Brent crude, which traded near $105/barrel in the morning, moved above $106 during the session, keeping concerns over elevated energy prices and supply-side constraints in focus. Overall trading volumes were recorded at 396.90 million shares compared with the previous session's tally of 517.60 million. The value of shares traded during the day was Rs18.68 billion. Shares of 498 companies were traded. Of these, 211 stocks closed higher, 254 fell and 33 remained unchanged. Pakistan Refinery was the volume leader with trading in 38.42 million shares, gaining Rs3.19 to close at Rs106.95. It was followed by Cnergyico Pk with 37.14 million shares, gaining Rs0.05 to close at Rs12.85 and K-Electric with 27.98 million shares, gaining Rs0.18 to close at Rs6.09. Foreign investors sold shares worth Rs120 million, the National Clearing Company reported.