KSE-100 Index gains 1% amid optimism over Iran-US peace talks
- Benchmark index settles at 167,191.37
Buying momentum was observed at the Pakistan Stock Exchange (PSX) on Friday, with the benchmark KSE -100 Index gaining 1% as investor sentiment improved on hopes of possible talks between Iran and the United States in Pakistan, raising expectations of easing regional tensions and reducing risks to energy supplies.
The index started the session with strong buying, hitting an intra-day high of 168,290.28, followed by some range-bound trading.
At close, the benchmark index settled at 167,191.37, up by 1,673.86 or 1.01%.
Optimism over talks between the US and the Iran continued to dominate investor sentiment, Topline Securities said in its post-market report.
Top positive contribution to the index came from MCB, BOP, UBL, LUCK, OGDC and HBL, as they cumulatively contributed 616 points to the index, it added.
On Thursday, PSX witnessed a lackluster yet highly volatile trading session, as the index closed slightly lower amid cautious investor sentiment driven by evolving geopolitical developments and sustained uncertainty in global markets. The KSE-100 Index declined by 293.50 points or 0.18 percent to close at 165,517.51 points.
The KSE-100 Index gained 11% on week-on-week basis.
“This gain can be accredited to news of a temporary ceasefire between the US and Iran for two weeks and talks between the two parties for resolution that are to take place in Islamabad,” Topline said.
Internationally, Asian stocks ticked up early on Friday but gains were capped as traders questioned the durability of this week’s US-Iran ceasefire and remained wary of fragile hopes for Israel-Lebanon peace talks.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.5%, led by a 1.9% jump for South Korea’s Kospi. Japan’s Nikkei 225 tacked on 1.5%, while S&P 500 e-mini futures reversed earlier losses to trade flat.
Meanwhile, the Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Friday. At close, the local currency settled at 279.01 against the greenback.
Volume on the all-share index decreased to 875.54 million from 888.57 million recorded in the previous close.
The value of shares dropped to Rs46.65 billion from Rs54.28 billion in the previous session.
B.O.Punjab was the volume leader with 61.15 million shares, followed by WorldCall Telecom with 56.95 million shares, and Sui South Gas with 56.49 million shares.
Shares of 487 companies were traded on Friday, of which 358 registered an increase, 101 recorded a fall, and 28 remained unchanged.
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