Mari Petroleum copper-gold find in Chagai lifts KSE-100 500 points

The KSE-100 closed 500.11 points higher at 177,873.87 on Friday, a gain of 0.28%, after a Mari Petroleum announcement in the second half of the session turned sentiment around.

Mari Petroleum's wholly owned subsidiary, Mari Minerals, reported a new porphyry copper-gold discovery at the East Siah Diq (ESD-1) target in Chagai, Balochistan. Topline Securities said in its post-market report that the news "sparked renewed investor interest and helped turn sentiment positive", adding that the discovery "underscores the potential of Pakistan's mineral resources and adds to the growing optimism surrounding the country's mining and exploration sector."

The session was volatile. The index rose from an intra-day low of 176,865.05 to a high of 179,284.34 before selling pressure trimmed the advance. MARI, LUCK, PPL, PSEL and FATIMA were the leading positive contributors, adding about 722 points between them, Topline said.

The gain follows a 1,710.04-point fall on Thursday, when the index closed at 177,373.76 amid investor caution over domestic political uncertainty. For the week, the KSE-100 added 2.3%, which Topline attributed mainly to a decline in international crude oil prices and optimism over a possible de-escalation of geopolitical tensions after the US midterm election results.

Turnover slipped to 1,042.81 million shares worth Rs31.00 billion, from 1,070.48 million shares worth Rs31.64 billion a day earlier. WorldCall Telecom led volumes with 303.19 million shares. Of the 497 companies traded, 284 rose, 184 fell and 29 were unchanged. The rupee closed at 276.60 to the dollar, a gain of Re0.01.