Pakistan Stock Exchange's benchmark KSE-100 index rebounded sharply on Friday and gained over 1,500 points after shedding mid-day losses.
Earlier, the investors were cautious amid selling pressure triggered by Middle East tensions and rising oil prices. The KSE index was trading at 170,384 points, up 1,520 points at the end of the trading session. According to market data KSE-100 at 170,586.73 points, up 1,721.69 points, or 1.01%, with 271 stocks advancing, 214 declining and 84 unchanged.
The recovery was broad-based, with the KSE-30 index rising 1.22%, the KMI-30 gaining 1.57%, the banking tradable index increasing 1.01% and the Oil & Gas Tradable Index climbing 1.75%.
Buying was visible across major sectors, although individual stocks showed mixed performance. In the oil and gas exploration sector, Mari Energies, Oil & Gas Development Company and Pakistan Petroleum gained, while Pakistan Oilfields declined.
Oil marketing stocks also showed a mixed trend, with Attock Petroleum and Pakistan State Oil advancing while Hascol Petroleum and Sui Southern Gas fell.
The rebound followed a period of heavy volatility at the exchange as investors remained concerned about escalating conflict in the Middle East and its potential impact on global oil supplies and Pakistan’s economy.
The latest recovery came as oil prices retreated from recent highs on Friday, although Brent crude remained on course for a weekly gain of more than 7%. Oil prices had climbed above $100 a barrel earlier in the week as escalating Middle East tensions raised concerns about disruptions to supplies and shipping routes.