PSX flat as oil keeps investors cautious

Pakistan Stock Exchange (PSX) staged a late-session recovery on Friday, where the benchmark KSE-100 index gained around 265 points, although the market remained broadly range bound amid elevated crude oil prices and uncertainty about US-Iran negotiations. At the close of trading, the KSE-100 index posted a modest gain of 266.28 points, or 0.16%, and settled at 170,765.22. Arif Habib Limited (AHL) stated that the PSX saw a late rally on Friday that lifted the KSE-100 into positive territory, allowing it to close the week essentially flat. A total of 68 shares advanced while 32 declined, with HBL gaining 1.13%, UBL rising 0.28% and Bank Alfalah advancing 1.22%, which were the largest positive contributors to the index. On the downside, Meezan Bank fell 0.64%, Fauji Fertiliser dropped 0.25% and Hubco declined 0.31%, acting as the biggest drags. PSO rose 0.94% after reporting FY26 earnings per share of Rs32.10, a 28% year-on-year decline attributed to lower sales volume stemming from higher inventory losses, elevated petroleum prices and reduced contribution from the LNG segment amid geopolitical tensions. The company declared a final dividend of Rs10 per share for the fourth quarter, bringing its full-year payout to 31%, as per AHL. Political developments added to market caution as the PTI postponed its planned long march to Islamabad. Authorities had already deployed thousands of security personnel, blocked roads with shipping containers and banned public gatherings to prevent supporters of jailed former prime minister Imran Khan from approaching parliament to demand his release. "Looking ahead, the KSE-100 remains in a state of flux for the coming week, with the bias still tilted to the downside until the index can demonstrate a clear move away from its July lows," said AHL. The index closed at 170,765.2, up 266.3 points, or 0.16% on the day. Week-to-date, it was down 119.4 points, or 0.07%, month-to-date it had dived 6,210.5 points, or 3.51%, and calendar-year-to-date it was lower by 3,289.1 points, or 1.89%. Among individual stocks, notable gainers were PGLC, SNGP, NPL, HUMNL and LOTCHEM, while TGL, CNERGY, RMPL, PTC and BNWM featured among the leading decliners. Topline Securities, in its review, noted that the market remained range bound during the session, with the index trading between the intra-day high of 0.39% and low of 0.36%, before settling at 170,765 points, up 0.16%. The lacklustre activity was attributed to investors' preference to remain on the sidelines amid elevated crude oil prices and a lack of meaningful progress in negotiations between the US and Iran, it said. Overall trading volumes were recorded at 483 million shares compared with the previous session's tally of 760 million. The value of shares traded during the day was Rs19.3 billion. Shares of 493 companies were traded. Of these, 219 stocks closed higher, 217 fell and 57 remained unchanged. Cnergyico Pk was the volume leader with trading in 108 million shares, losing Rs0.29 to close at Rs13.18. It was followed by WorldCall Telecom with 29 million shares, gaining Rs0.02 to close at Rs1.02 and Pakistan Refinery with 28 million shares, gaining Rs0.97 to close at Rs93.11. Foreign investors sold shares worth Rs32.4 million, the National Clearing Company reported.