PSX: KSE-100 Index gains nearly 400 points

The Pakistan Stock Exchange (PSX) observed a highly volatile but broadly positive trading session on Monday, with the benchmark KSE-100 Index closing with a gain of nearly 400 points.

During trading, the benchmark index swung sharply between gains and losses as investors remained cautious.

The benchmark surged above 181,000 in early trade before paring gains, while a strong mid-day rally pushed it back towards the session high of 181,158.86. However, late-session selling erased much of the gains.

At close, the benchmark index settled at 180,502.44, up 397.83 points or 0.22%.

“The refinery sector remained the talk of the town, as market rumors surrounding the potential signing ceremony for the long-awaited refinery policy sparked strong buying interest across the sector. ATRL, PRL, NRL, and CNERGY all closed in positive territory, significantly outperforming the broader market,” brokerage house Topline Securities said in its post-market report.

On the positive side, PSO, PPL, ATRL, CNERGY, and OGDC emerged as the major gainers, collectively contributing approximately 721 points to the KSE-100 Index, it added.

During the previous week, the PSX settled under pressure as uncertainty over the extension of the US-Iran ceasefire and concerns surrounding oil supplies through the Strait of Hormuz and Red Sea weighed on investor sentiment, despite strong domestic fiscal and external-sector indicators. The KSE-100 Index fell 1,325.41 points, or 0.7% week-on-week, to close at 180,104.61 points.

Internationally, Asian shares drifted sideways on Monday while investors kept a wary eye on oil prices, which notched sizeable gains last week as the lack of progress towards ending the Iran war kept inflation risks tilted to the upside.

Progress towards peace ​talks and oil tanker traffic through the strategic Strait of Hormuz remained halted.

Iran on Saturday called on the US ‌to accept defeat, while President Donald Trump urged Americans to accept higher gasoline prices while the conflict continues.

At least 11 people were killed in Israeli strikes in southern Lebanon on Saturday, the Lebanese health ministry said, some of the deadliest in the weeks since the country agreed to a US-mediated peace framework with neighbouring Israel.

Brent ​crude was steady at $88.50 a barrel after rising 6% last week, while US crude slipped 0.3% to $82.12 a barrel, having gained 5.4% last ​week.

On Monday, MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, while Japan’s Nikkei edged 0.4% higher.

Meanwhile, the Pakistani rupee extended its marginal gains, appreciating 0.01%, against the US dollar on Monday. The local unit closed the day at 277.62, a gain of Re0.03 against the greenback.

Volume on the all-share index increased to 1,047.68 million from 891.33 million recorded in the previous close.

The value of shares rose to Rs48.32 billion from Rs36.69 billion in the previous session.

Cnergyico PK was the volume leader with 312.52 million shares, followed by D.S. Ind. Ltd with 124.77 million shares, and K-Electric Ltd with 30.72 million shares.

Shares of 498 companies were traded on Monday, of which 197 registered an increase, 276 recorded a fall, and 25 remained unchanged.