PSX extends losses as oil prices and geopolitical risk weigh
The benchmark KSE-100 index of the Pakistan Stock Exchange closed 352.63 points, or 0.21%, lower at 167,089.28 on Friday, extending its weekly decline as elevated international oil prices, geopolitical uncertainty and concern over Pakistan's widening trade deficit kept investors cautious.
The weekly fall was put at 0.69%, while Arif Habib Limited's (AHL) trading-floor note put the decline for the week at 0.64%. AHL said index breadth was mildly positive, with 52 shares advancing against 45 declining, and described the session as a modestly softer close inside a still-elevated index range. EFERT (+0.82%), TPLRF1 (+7.65%) and ENGROH (+0.27%) made the largest positive contributions, while heavyweight banks — HBL (-1.37%), UBL (-0.57%) and MCB (-1.27%) — were the principal drags.
Topline Securities said activity was range-bound in the week's final session, with the index moving between an intra-day high of 0.41% and a low of 0.36%. It said the top positive contributors — EFERT, TPLRF1, ENGROH, PSEL and POL — added 131 points between them, while HBL, UBL, MCB, OGDC and FFC subtracted 334 points. By traded value, PSO led with Rs616 million, followed by OGDC (Rs552 million), PPL (Rs471 million), MLCF (Rs407 million) and ATRL (Rs387 million). Turnover in the regular market fell to 309.41 million shares from 365.87 million a session earlier, with traded value of Rs15.44 billion. Of 497 companies traded, 243 closed higher, 203 lower and 51 unchanged. Cnergyico Pk was the volume leader with 27.28 million shares, gaining Rs0.13 to close at Rs12.52, ahead of Pakistan Refinery (24.12 million shares, up Rs1.95 to Rs93.07) and Treet Corp (22.90 million shares, up Rs1.47 to Rs23.72). Foreign investors sold shares worth Rs19 million, according to the National Clearing Company.
AHL's note cited State Bank of Pakistan data showing total foreign-exchange reserves at $26.8 billion as of October 2. It also flagged continuing Pakistan-United Kingdom discussions on aviation cooperation that could involve Airbus and Rolls-Royce equipment for PIA, potentially backed by UK export-credit or leasing arrangements to address short-term fleet needs.
Investors also remained cautious after rising yields at the latest Pakistan Investment Bonds auction fuelled expectations of a possible policy rate increase. Technical levels cited for the coming week place resistance near 170,000 points and support near 165,000.
