PSX closes positive amid mixed sentiments

KARACHI: The Pakistan Stock Exchange (PSX) benchmark index closed on a positive note on Friday, though the session remained volatile as investors actively adjusted positions amid mixed sentiment, Ismail Iqbal Securities said.

The KSE-100 index gained 258 points to close at 149,493, up 0.17 per cent day-on-day. Commercial banks, oil and gas exploration companies, and fertilizer stocks were the major contributors, adding a combined 248 points to the index.

“Stocks showed recovery as investors weighed strong Pakistan-China trade and economic ties amid CPEC talks,” said Ahsan Mehanti, CEO of Arif Habib Commodities. He added that higher foreign exchange reserves, government efforts to resolve the circular debt issue, and rupee stability also supported the market.

Investor sentiment, however, remained cautious ahead of the upcoming rollover week. On the economic front, the Asian Development Bank (ADB) approved a $410 million financing package to support development of Pakistan’s Reko Diq copper mine, one of the world’s largest untapped deposits, to be operated by Barrick Gold, Al Habib Capital said.

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Meanwhile, a Senate body expressed concern over alleged cartelization in the pharmaceutical sector, where medicine prices have seen steep increases, it added.

Darson Securities noted that early momentum was partially offset by mid-day profit-taking, particularly in the second session, which trimmed some of the gains.

On the other hand, gold prices in Pakistan fell on Friday, tracking a similar downward movement in the international market.

According to data shared by the All-Pakistan Gems and Jewellers’ Sarafa Association (APGJSA), the price of gold per tola dropped by Rs1,500, settling at Rs355,700 in the local bullion market. Similarly, the rate of 10 grammes of gold slipped by Rs1,286 to Rs304,955.

On Thursday, gold had surged by Rs2,000 per tola, reaching Rs357,200 after showing strength in both local and international markets. However, Friday’s correction reversed part of those gains.

Syed Raza Hassan