PSX edges up, stalls below 178,000

The KSE-100 index on the Pakistan Stock Exchange finished Friday's session 0.21 per cent higher at 177,696.51, a rise of 373.73 points, according to Arif Habib Limited. Intraday, the index reached about 178,050 before pulling back, and the market struggled to get past the 178,000 to 180,000 zone. Market breadth leaned negative, with 37 shares advancing and 60 declining.

Systems Ltd, The Bank of Punjab and Habib Bank Ltd led the gains, rising 6.29 per cent, 7.44 per cent and 1.45 per cent respectively. Service Industries, Pakistan Oilfields and United Bank were the largest decliners, down 4.23 per cent, 1.08 per cent and 0.25 per cent. Topline Securities linked the gain to lower oil prices and signs of progress in Pakistan-mediated diplomatic efforts involving Iran.

The Bank of Punjab reported second-quarter profit of Rs4.7 billion, or Rs1.44 per share, down 1 per cent year on year but flat sequentially. Half-year profit reached Rs9.3 billion, up 45 per cent, and the bank lifted its dividend to Rs1.6 per share from Re1, a semi-annual payout of about 56 per cent. Regular-market turnover on Friday totalled 658.3 million shares worth Rs31.5 billion.