Geopolitics keeps PSX range bound

The Express Tribune reported that the KSE-100 closed the outgoing week at 170,765, a weekly decline of 119 points or 0.1 per cent, as geopolitical tensions and local events left traders wary. The index rose on Monday, Tuesday and Wednesday, with Wednesday's gain of 830 points to 172,233 the largest of the week. Thursday's fall of 1,734 points, or 1.01 per cent, was the sharpest move, and Friday's 266-point rebound left the benchmark almost unchanged.

Oil output rose 1.4 per cent week-on-week to 68.5k barrels per day, while gas production slipped 2.5 per cent, according to AHL's commentary. Four refineries, Attock, Pakistan, National and Cnergyico, agreed upgrade deals with Inter State Gas Systems under a national refining policy, an investment estimated at $6 billion over five years. Diesel dropped Rs12.80 per litre to Rs412.12 and petrol eased Rs1.51 to Rs389.28 after five straight weekly increases.

On the external side, Pakistan and the IMF began fourth-review talks tied to the $7 billion Extended Fund Facility, a step that could unlock a $1 billion tranche. Liquid foreign exchange reserves in total edged up 0.07 per cent to $26.8 billion, with State Bank holdings at $21.4 billion. The ADB also cut its FY27 growth forecast for Pakistan to 3.7 per cent from 4.5 per cent.