KARACHI: The Pakistan Stock Exchange (PSX) on Friday extended its overnight recovery as positive developments on both the economic and geopolitical fronts boosted investor confidence, triggering buying at attractive levels and propelling the benchmark KSE-100 index above 171,000 intraday.
However, Topline Securities said the index added 1,841.39 points, or 1.09pc, to close at 170,884.59, supported by continued weakness in crude oil prices amid easing supply concerns.
Market sentiment also improved on expectations of renewed US-Iran diplomatic engagement.
Meanwhile, Saudi Arabia’s efforts to restore its damaged East-West pipeline could further ease sup-ply pressures, thereby supporting market sentiment.
The top positive contributors to the index wereFauji Fertiliser, United Bank, Meezan Bank, Lucky Cement, and Habib Bank, which cumulativelyadded 833 points.
Investor participation improved as trading volume surged 49.14pc to576.25 million shares and traded value rose 11.53pc to Rs22.40 billion.
According to Arif HabibLtd, the Pakistan Stock Exchange ended the weekend session on a positive note.
On the macroeconomic front, Finance Minister Muhammad Aurangzeb said Pakistan would seek an expansion of its 30bn yuan swap line with China when the facility expires in 2027, adding that he expects a US response on a proposed $10bn exchange stabilisation facility within two months.
The country’s total foreign exchange reserves surged to $26.8bn following receipt of $3bn in proceeds from the Eurobond issuance during the week ended on Sept 11.
From a technical perspective, buying interest is emerging at the July lows, and the close above the 170,000 level keeps this a key area ofinterest for the coming week, the brokerage noted.