100 stages strong rebound, gains 1,284 points
Index climbs 0.76% as banks, energy stocks lead buying
Our CorrespondentSeptember 17, 20261 min readPhoto: Express
KARACHI:
The Pakistan Stock Exchange staged a mid-session recovery on Thursday as the benchmark KSE-100 index rose 1,284.36 points, or 0.76%, to 169,306.16 by early afternoon.
The market opened higher after Wednesday’s 1,370-point decline and extended gains through the morning. The index touched an intra-day high of 169,576.52 before easing slightly, with the session low at 168,222.91. The previous close was 168,021.80. Volume on the benchmark stood at 73.87 million shares, with traded value of Rs6.96 billion. Market status remained open.
Buying was concentrated in commercial banks, cement, oil and gas exploration companies, refineries, automobile assemblers, oil marketing companies and power generation. Index-heavy names including Lucky Cement, MCB, Meezan Bank, National Bank, UBL, Mari, OGDC, PPL, POL and Attock Refinery traded in the green.
The rebound followed a weak Wednesday session in which elevated international oil prices, successive domestic fuel hikes and lingering Middle East supply concerns had triggered broad-based selling.
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Petrol price was raised for an eighth consecutive day to Rs391.22 a litre. Overnight, the US Federal Reserve delivered its first rate increase since 2023; oil prices eased modestly from recent highs and Asian markets firmed, offering a slightly more constructive backdrop.
Investors appeared to be hunting value after the recent correction that had taken the KSE-100 more than 10% below its July peak. Sentiment, however, remains cautious.
Geopolitical risks around the Strait of Hormuz, high energy costs and external-account pressures continue to overhang the market. Activity so far has been selective rather than broad-based, and the afternoon session will determine whether Thursday’s gains hold into the close.
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