KSE-100 edges up 0.09% as oil slide and refinery losses pull both ways
The KSE-100 ended Monday at 166,564.07, up 154.81 points or 0.09%, after spending most of the session in the red and touching an intraday low of 165,776.85 — a fall of 632.40 points — at 12:29 pm before buyers stepped back in.
The recovery came as global oil prices fell more than 4% on renewed hopes of diplomatic progress towards ending the US-Israel war with Iran, easing concern over energy costs and the pressure they put on Pakistan's import bill. Arif Habib Limited said the index made a flat start to the week, with 41 shares rising and 58 falling.
Mari Energies gained 3.15%, Engro Holdings 1.57% and Fauji Fertiliser 0.92%, and the three contributed most of the index's gains. On the other side, Attock Refinery fell 10%, Pakistan State Oil 2.33% and Oil and Gas Development Company 1.66%.
Every refinery hit its lower limit after the government shifted the impact of higher petrol import costs onto local refineries rather than passing it to consumers. The ex-refinery motor spirit price rose Rs15.13 to Rs282.26 per litre, offset by a Rs14.71 cut in the petroleum levy and a Rs0.42 reduction in the inland freight equalisation margin, leaving the ex-depot price unchanged at Rs377.91 per litre.
