PSX: Stocks end week on positive note amid late buying

Business Recorder reported that the Pakistan Stock Exchange closed a volatile Friday session with the benchmark KSE-100 index at 170,765.22, up 266.28 points or 0.16%. The index had climbed towards 171,000 early in the day, slipped below 170,000 during the morning, then surged late to an intraday high of 171,159.73 before profit-taking appeared near the close. Over the week, the index gained more than 250 points.

Topline Securities attributed the subdued trading to investors keeping their distance as crude oil prices stayed high and US-Iran talks showed little progress. Gains from HBL, UBL, BAFL, BAHL and PSO added 206 points, while MEBL, FFC, HUBC, PTC and CNERGY subtracted 152 points. On Thursday the index dropped 1,733.57 points, or 1.01%, to 170,498.95, as crude prices rose and a possible US diesel export ban raised concerns.

Topline described the government's signing of upgrade agreements with four refineries, ATRL, PRL, NRL and CNERGY, as the main event of the week. The deals are expected to bring roughly $5bn of investment over five years to modernise refining capacity, raise output of cleaner Euro-V fuels and cut furnace oil production. Trading was lighter, with 482.76 million shares changing hands against 759.97 million in the prior session. The value traded fell to Rs19.28 billion from Rs27.54 billion.