Key Takeaways
- The KSE-100 index closed above 171,000, up 1.09%.
- Crude oil prices fell, easing supply concerns and boosting market sentiment.
- Saudi Arabia’s efforts to repair its pipeline could further ease supply pressures.
The Pakistan Stock Exchange (PSX) saw a significant recovery on Friday, with the KSE-100 index closing above 171,000, marking a 1.09% increase from the previous day.
Positive developments on both the economic and geopolitical fronts contributed to this growth, with the market recovering from its overnight gains.
Topline Securities reported that the index added 1,841.39 points, supported by continued weakness in crude oil prices amid easing supply concerns.
Market sentiment improved further with expectations of renewed US-Iran diplomatic engagement, which could positively impact regional stability.
Saudi Arabia’s efforts to restore its damaged East-West pipeline could further ease supply pressures, thereby supporting market sentiment.
The top positive contributors to the index were Fauji Fertiliser, United Bank, Meezan Bank, Lucky Cement, and Habib Bank, which cumulatively added 833 points.
Investor participation improved as trading volume surged by 49.14% to 576.25 million shares, and traded value rose by 11.53% to Rs22.40 billion.
Arif Habib Ltd noted that the Pakistan Stock Exchange ended the weekend session on a positive note, with buying interest emerging at the July lows.
Finance Minister Muhammad Aurangzeb announced that Pakistan would seek an expansion of its 30bn yuan swap line with China when the facility expires in 2027.
The country’s total foreign exchange reserves surged to $26.8bn following the receipt of $3bn in proceeds from the Eurobond issuance during the week ended on September 11.
