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KARACHI: Bulls decisively pushed the stock market well above the crucial psychological barrier of 170,000 on Friday after multiple attempts over the last few sessions, as investors indulged in value hunting ahead of the federal budget announcement amid easing geopolitical tensions, which led to a sharp decline in crude oil prices.
Topline Securities Ltd said the KSE-100 index rose 2,696.30 points, or 1.59 per cent, to close at 172,399.90 points, driven by improved investor sentiment following reports that planned US strikes on Iran were called off, easing regional tensions and boosting hopes for diplomatic progress.
The top positive contributors to the index were Lucky Cement, Hub Power, Engro Holdings, United Bank, Meezan Bank, Fauji Fertiliser, and National Bank, which cumulatively added 1,290 points to the index.
Ali Najib, Deputy Head of Trading at Arif Habib Ltd (AHL), said the PSX witnessed a strong session as investor sentiment improved significantly amid easing geopolitical concerns following US President Donald Trump’s reported delay of potential military action against Iran, allowing more time for diplomatic negotiations. The development boosted risk appetite and triggered broad-based buying across key sectors.
