PSX tests resistance after sustained recovery

Renewed buying in heavyweight index stocks lifted the Pakistan Stock Exchange on Thursday, with the benchmark KSE-100 rising 768.66 points, or 0.46 per cent, to close at 166,186.17, The Express Tribune reported. Selective accumulation after a recent correction helped the index extend its recovery, although sentiment stayed cautious. According to the report, the market approached a resistance zone of 167,000 to 168,000 points.

PTCL, which climbed 7.62 per cent, was among the largest contributors to the index's rise, alongside Fauji Fertiliser Company and Systems Ltd. Service Industries and Mari Energies were the main drags, according to a note from Arif Habib Limited. Trading volume reached 517.6 million shares, worth Rs23.57 billion, with Cnergyico leading the volume chart at 62.8 million shares.

Foreign investors were net sellers of Rs194.4 million, according to the National Clearing Company. Pakistan Refinery gained Rs4.57 to close at Rs103.76 on 43.4 million shares traded. KTrade flagged elevated oil prices as a continuing threat to market sentiment. Brent crude traded around $104 to $105 per barrel during the session, and attention is turning to the September-quarter results season.