KARACHI: The Pakistan Stock Exchange (PSX) on Friday resisted further decline as value-hunting helped the market reverse a three-session losing streak amid growing geopolitical concerns in the Middle East and the fallout on the global economy from an oil supply disruption fuelling inflationary pressure in countries reliant on supplies from the Strait of Hormuz.
However, Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said investor sentiment improved amid relatively stable geopolitical conditions, expectations of renewed negotiations between US and Iranian officials over the weekend, and a decline in international oil prices, all of which underpinned buying interest across the market.
He said positivity returned to the PSX, with the KSE-100 index gaining 982 points, or 0.54 per cent, to close at 182,242.
On the corporate front, SELECT Technologies informed the PSX that its shares will commence trading on the exchange from Monday, marking another addition to the exchange’s listed universe.
On the index contribution front, Meezan Bank, United Bank, Habib Bank, MCB Bank, and Askari Bank collectively added 574 points to the benchmark. By contrast, Sazgar Engineering, Services Industries, Habib Metropolitan Bank, Sui Northern Gas Pipeline, and Mehmood Textile Mills collectively erased 94 points amid selective selling pressure.
