PSX gains 1,841 points on crude price relief

The Pakistan Stock Exchange pushed its rebound further on Friday as the KSE-100 closed 1,841.39 points higher, a gain of 1.09%, at 170,884.59. According to The Express Tribune, the rally was driven by softer crude oil prices and hopes of renewed diplomatic engagement between the United States and Iran. Topline Securities added that easing supply worries in the oil market also lifted sentiment, while Saudi efforts to repair a damaged East-West pipeline were cited as a factor that could ease supply pressure.

Banks were the biggest drivers, contributing 803 points, followed by cement with 266 points and fertiliser with 257 points, according to KTrade. United Bank, MEBL, LUCK, HBL and FFC together added 833 points, making them the top positive contributors to the index. Media Times, which rose 13.2%, topped volume with 69.7 million shares.

Overall volume totalled 576.26 million shares, valued at Rs22.41 billion, with PPL leading by value at Rs1.45 billion. Foreign investors sold Rs359 million worth of shares, the National Clearing Company reported. Of 496 companies traded, 351 closed higher, 110 fell and 35 were unchanged.