Oil dip, late buying lift PSX over 1,000 points

According to The Express Tribune, the Pakistan Stock Exchange rebounded on Thursday from a sharp fall the previous session, when the index shed 1,370 points. The benchmark KSE-100 closed at 169,043 points, a gain of 1,021 points or 0.61 per cent. Trading opened under pressure and slipped to an intraday low of 168,223 before buyers returned across the session.

The index later climbed to a peak of 169,577 and ended with a late recovery. Turnover on the KSE-100 came to around 125 million shares worth Rs13.45 billion, while the All-Share Index rose 688 points, or 0.68 per cent, to 102,245. On a net basis, sector contributions were positive, led by exploration and production stocks at 339 points, then commercial banks at 304 points and cement at 149 points.

PPL was the largest gainer on the index, adding 177.7 points, or 3.4 per cent, to Rs225.51. UBL, HBL and Bank Alfalah also rose, while NBP, FFC, PSEL, Engro Fertilisers and Millat Tractors led the losers. MDTL, Cnergyico, Nishat Chunian, Pakistan Refinery and The Bank of Punjab were among the most actively traded names. K-Trade analysts cited lower oil prices as a key macro trigger, since cheaper crude can ease strain on imports and the external position.