KSE-100 ends week marginally higher after volatile session

The Pakistan Stock Exchange's benchmark KSE-100 Index ended the week marginally higher, closing Friday at 170,765.22, up 266.28 points or 0.16%, after a volatile session in which late buying briefly pushed the index to an intraday high of 171,159.73 before profit-taking emerged in the closing minutes.

The index opened positively and climbed towards 171,000 before coming under selling pressure during the morning, slipping below the 170,000 level to an intraday low of 169,890.56. It recovered gradually towards midday, and the late-session buying that lifted it to its high was partly trimmed before the close.

Thursday's session was sharply negative, with the KSE-100 falling 1,733.57 points, or 1.01%, to 170,498.95. The decline was attributed to rising international crude oil prices, limited progress in US-Iran diplomatic talks and concerns over a potential US diesel export ban, which together triggered broad-based selling. In a key development, Saudi Arabia, Turkiye and Pakistan would hold an urgent high-level meeting under a joint defence pact to discuss ways to support the kingdom amid attacks by Yemen's Houthis.

Abroad, Asian shares held their nerve as a relentless bond selloff pushed longer-dated US yields to two-decade highs, raising borrowing costs worldwide and threatening equity valuations. Oil above $100 a barrel, with Brent crude near $105, has revived inflation fears and bolstered bets on multiple Federal Reserve rate rises after its first move in more than three years, putting the dollar on track for a 1% weekly gain. MSCI's broadest index of Asia-Pacific shares outside Japan was flat with most markets closed for a holiday, while Japan's Nikkei rose 1%, Australia's resources-heavy shares fell 0.6% and Hong Kong's Hang Seng skidded 1%.

The Pakistani rupee extended its marginal gains against the US dollar in the interbank market, closing at 277.16, a gain of Re0.01.