PSX surges past 170,000 as oil eases

The Pakistan Stock Exchange (PSX) extended Thursday’s rebound on Friday morning, with the benchmark KSE-100 Index climbing 1,822.58 points, or 1.08 per cent, to 170,865.77 before trading was suspended for Friday prayers. The index touched an intraday high of 170,903.94 and a low of 169,399.98. Volume in KSE-100 stocks stood at 82.04 million shares, with a traded value of about Rs6.70 billion. The previous close was 169,043.19. The advance built on Thursday’s 1,021-point gain, when easing international oil prices and signs of possible de-escalation in the US-Iran conflict improved sentiment. On Friday, falling crude and reduced fears of Saudi supply disruptions encouraged fresh buying across a wide range of sectors. Read: Oil prices fall for third day on hopes of limited Saudi supply disruptions Automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies and power generation led the charge. Index heavyweights including Lucky Cement, MCB, Meezan Bank, NBP, UBL, Mari Energies, OGDC, POL, PPL and PSO traded in the green. The rally pushed the benchmark back above the 170,000 mark after recent volatility linked to elevated oil prices and regional geopolitical tension. Broader gauges also rose, with the KSE-30 up 1.07% and the KMI-30 gaining 1.12% by midday. Market activity remained orderly in the shortened first session. Trading was halted around 1pm for prayers, a regular Friday practice at the exchange, and is expected to resume later in the afternoon. Investors will watch whether the buying momentum holds after the break, especially if oil prices stay softer and Middle East headlines remain constructive. The index is still down on a year-to-date basis but has recovered part of recent losses.