PSX inches higher but remains capped under 178,000

The Pakistan Stock Exchange (PSX) edged up on Friday, gaining more than 370 points to close around 177,700 after reaching an intraday peak near 178,050.

According to Arif Habib Limited (AHL), the PSX showed mixed sentiment, with the benchmark KSE‑100 index finishing at 177,696.51, up 373.73 points (0.21%). The week’s main theme was the index’s struggle to break decisively above the 178,000‑180,000 resistance band.

Friday’s peak hovered near 178,000 before the market retreated. Breadth turned negative, with 37 stocks advancing and 60 declining. The biggest contributors to the gain were Systems Ltd (+6.29%), The Bank of Punjab (+7.44%) and Habib Bank Ltd (+1.45%). Conversely, Service Industries (‑4.23%), Pakistan Oilfields (‑1.08%) and United Bank Ltd (‑0.25%) weighed most on the index.

AHL added that The Bank of Punjab posted second‑quarter profit of Rs4.7 billion (EPS Rs1.44), down 1% year‑on‑year but unchanged sequentially. Half‑year profit rose to Rs9.3 billion, a 45% increase over the same period last year. The bank also lifted its dividend to Rs1.6 per share from Re1, pushing the semi‑annual payout ratio to about 56%.

“Attention now shifts to the IMF review mission slated for September, the fourth review under the $7 billion Extended Fund Facility,” AHL said. “Technically, the 178,000‑180,000 band continues to limit upside; a clear break below could revive the downside toward July lows. Year‑to‑date, the KSE‑100 is up 2.09%, with total market capitalisation at Rs19.9 trillion.”

On Friday, regular‑market turnover amounted to 658.3 million shares valued at Rs31.5 billion, highlighting selective yet active trading as the market tested resistance, AHL noted.

Topline Securities observed that the KSE‑100 traded mostly in positive territory on Friday, peaking at an intraday gain of 0.41% before closing at 177,697 (up 0.21%). The rise was linked to falling oil prices and progress in Pakistan‑mediated diplomatic talks with Iran, the firm said.

The leading contributors to the index gain were Systems Ltd, The Bank of Punjab, HBL, Meezan Bank and Interloop Ltd, together adding 594 points. In terms of traded value, BOP (Rs3.17 billion), Attock Refinery (Rs1.62 billion), Cnergyico (Rs1.31 billion), Pakistan Petroleum (Rs923 million) and PSO (Rs842 million) topped the list, Topline added.

Total trading volume stood at 658 million shares, up from 614 million in the prior session, with the traded value amounting to Rs31.5 billion.

Trading involved 494 companies, of which 202 shares ended higher, 257 lower and 35 unchanged.

The Bank of Punjab led volume with 91.7 million shares traded, gaining Rs2.42 to close at Rs34.97. Next came Cnergyico Pk at 90.9 million shares, up Rs0.37 to Rs14.41, and WorldCall Telecom with 46.4 million shares unchanged at Rs1.17.

Foreign investors offloaded shares worth Rs818 million, according to the National Clearing Company.

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