KSE-100 edges up 0.14% as oil prices and rate-hike fears cap gains

The Pakistan Stock Exchange's benchmark KSE-100 index closed marginally higher on Friday, gaining 233.55 points, or 0.14%, to settle at 166,419.72, as selective buying in banking and technology stocks offset selling in oil and gas and cement shares.

Topline Securities described the session as range-bound, with the index trading between an intra-day high of 0.31% and a low of 0.14%. The brokerage attributed the muted activity to a lack of triggers and elevated crude oil prices. SYS, UBL, MCB, BAHL and EFERT were the top positive contributors, adding a combined 269 points, while OGDC, LUCK, MEBL, PTC and ENGROH pulled the index down by 223 points.

Ahmed Sheraz, Head of Support Trading at KASB KTrade, said trading volumes stayed low at 133 million shares within the index, with CNERGY, KEL and LOTCHEM among the volume leaders. Overall market volumes were 396.90 million shares against 517.60 million in the previous session, with traded value of Rs18.68 billion. Of the 498 companies traded, 211 closed higher, 254 fell and 33 were unchanged. Pakistan Refinery led by volume with 38.42 million shares, gaining Rs3.19 to close at Rs106.95.

Brent crude traded near $105 a barrel in the morning and moved above $106 during the session, keeping energy price and supply concerns in focus. Topline said the index fell 0.4% week-on-week, driven by high crude prices amid US-Iran geopolitical tensions and expectations of a potential policy rate hike by the State Bank of Pakistan at its upcoming monetary policy meeting to contain inflation.

Foreign investors sold shares worth Rs120 million, according to the National Clearing Company.