KARACHI:

Pakistan Stock Exchange (PSX) rebounded on Thursday as the benchmark KSE-100 index closed higher despite volatile intra-day trading and persistent geopolitical uncertainty in the Middle East.

The index gained almost 1,000 points to settle at 171,175, supported by strong buying in heavyweight stocks and improving market participation, according to brokerage houses. At the close of trading, the KSE-100 posted a rise of 984.86 points, or 0.58%, and settled at 171,175.51.

According to Arif Habib Limited (AHL), the PSX remained resilient despite negative news flow from the Middle East, with the benchmark index closing at 171,175, up 985 points.

The positive performance was largely driven by heavyweight stocks, particularly Fauji Fertiliser Company (FFC), which contributed 222 points (+0.85%), Pakistan Petroleum Limited (PPL) with 202 points (+2.02%), and Oil and Gas Development Company (OGDC) with 144 points (+1.44%). Trading activity remained healthy, where 697 million shares changed hands and traded value stood at Rs26 billion.

AHL noted that while the market managed to post gains, some major stocks weighed on sentiment. Bank AL Habib fell 0.65%, Meezan Bank declined 0.23%, Engro Fertilisers slipped 0.34%, and Hubco lost 0.66%, emerging as the biggest drags on the index. The brokerage observed that investors continued to assess developments in the Middle East, where uncertainty persisted amid reports of casualties and military strikes involving Iran and Gulf Arab states.

The report highlighted that the KSE-100 had successfully defended a key support level earlier in the week and was trading around 1.6% below its weekly opening level while heading into the final session. AHL suggested that sustaining support could help the index reduce its week-on-week losses.

Among individual stocks, Fauji Cement led volumes with 19.3 million shares, followed by PTCL with 22 million shares and Honda Atlas Cars with 5 million shares. On the gainers’ side, Pakistan International Bulk Terminal rose 3.9%, Ghandhara Industries gained 3.5%, Pioneer Cement advanced 3.5%, PTCL climbed 3.4%, and TRG added 2.9%, while notable losers included Pak-Gulf Leasing Co, Attock Refinery, Lotte Chemical, and Packages Ltd.

Topline Securities’ market review noted that the local bourse witnessed a mild pullback during Thursday’s trading session; however, it managed to close firmly in positive territory as buyers regained control in the latter half of the day. The benchmark index oscillated between volatility and strength, recording the intra-day high of 1,265 points before settling at 171,175, reflecting a gain of 985 points.

The absence of any conclusive escalation in the US-Iran dynamics, along with its calming effect on global oil prices, helped restore some investor confidence, it said. In terms of index contribution, heavyweight stocks remained in focus, with Fauji Fertiliser Company, Pakistan Petroleum, Oil & Gas Development Company, Lucky Cement, and Pakistan Telecommunication Company Ltd collectively contributing 458 points to the benchmark’s gains, Topline added.

Overall trading volumes were recorded at 697.17 million shares against the previous tally of 551.95 million. The value of shares traded during the day was Rs26.14 billion.

Shares of 492 companies were traded. Of these, 316 stocks closed higher, 128 fell, and 48 remained unchanged.

Beco Steel was the volume leader with trading in 113.09 million shares, gaining Rs0.26 to close at Rs6.03. It was followed by Pakistan International Bulk Terminal with 32.17 million shares, gaining Rs0.65 to close at Rs17.32, and WorldCall Telecom with 31.10 million shares, losing Rs0.02 to close at Rs1.26.

Foreign investors sold shares worth Rs831.5 million, the National Clearing Company reported.