KARACHI: The Pakistan Stock Exchange staged a mid-session recovery on Thursday as the benchmark KSE-100 index advanced 1,284.36 points, or 0.76%, to 169,306.16 by early afternoon.
The market opened higher following Wednesday’s 1,370-point decline and extended its gains through the morning session. The index reached an intra-day high of 169,576.52 before easing slightly, with the session low recorded at 168,222.91. The previous close stood at 168,021.80. Trading volume on the benchmark reached 73.87 million shares, with a traded value of Rs6.96 billion. Market status remained open.
Buying activity was concentrated in commercial banks, cement, oil and gas exploration companies, refineries, automobile assemblers, oil marketing companies and power generation firms. Index-heavy names including Lucky Cement, MCB, Meezan Bank, National Bank, UBL, Mari, OGDC, PPL, POL and Attock Refinery traded in the green.
The rebound followed a weak Wednesday session in which elevated international oil prices, successive domestic fuel hikes and lingering Middle East supply concerns had triggered broad-based selling.
The overnight petrol price was raised for an eighth consecutive day to Rs391.22 a litre. Meanwhile, the US Federal Reserve delivered its first rate increase since 2023; oil prices eased modestly from recent highs and Asian markets firmed, offering a slightly more constructive backdrop.
Investors appeared to be hunting for value after the recent correction that had pushed the KSE-100 more than 10% below its July peak. Sentiment, however, remained cautious.
Geopolitical risks around the Strait of Hormuz, high energy costs and external-account pressures continued to overhang the market. Activity so far had been selective rather than broad-based, and the afternoon session would determine whether Thursday’s gains hold into the close.