RECORDER REPORT

KARACHI: The Pakistan Stock Exchange (PSX) closed marginally higher on Tuesday, as late-session value-hunting helped the market recover from early weakness amid declining international oil prices and developments surrounding efforts to ease regional tensions.

The benchmark KSE-100 remained range-bound during the session, touching an intraday high of 171,680.74 points and a low of 170,866.94 points before settling at 171,402.08 points. Compared with Monday’s close of 171,153.17 points, the benchmark ended 248.92 points higher, although it remained below the session high by 278.66 points.

The BRIndex100 closed at 18,855.39 points, gaining 33.92 points, or 0.18 percent, from the previous close of 18,821.47 points. Total volume on the index stood at 384.655 million shares. The BRIndex30 closed at 68,784.13 points, up 368.42 points, or 0.54 percent, from 68,415.71 points previously, with total volume recorded at 165.703 million shares.

According to Ali Najib, Deputy Head of Trading at Arif Habib Limited, the market remained in a consolidation phase in another largely flat trading session. He said initial sentiment was fragile, but value hunters supported the market as international oil prices moved lower on expectations that Saudi Arabia could resume flows through a vital pipeline, while diplomatic efforts aimed at reopening the Strait of Hormuz gathered momentum.

Media reports cited in the market commentary indicated that Iran had offered to reopen the Strait of Hormuz within seven days if the United States eased military pressure and lifted its blockade. The commentary also noted that Iranian President Masoud Pezeshkian had arrived in New York for the 81st UN General Assembly.

Within the KSE-100, MARI, PPL, HUBC, FCCL and LUCK collectively contributed 233 points to the index, providing support to the benchmark. This positive contribution was partly offset by BAHL, FFC, MCB, BAFL and AKBL, which collectively dragged the index down by 216 points.

Trading activity in the ready market eased in terms of volume compared with the previous session. Total ready-market turnover declined to 641.834 million shares from 692.884 million shares on Monday, representing a decrease of 51.050 million shares, or 7.37 percent.

The traded value also declined to Rs18.466 billion from Rs20.100 billion previously, a reduction of Rs1.634 billion, or 8.13 percent. Despite the lower turnover and traded value, total market capitalization increased by Rs52.558 billion to Rs19.094 trillion from Rs19.041 trillion in the previous session.

Ready-market breadth remained almost evenly balanced, with 226 companies advancing, 221 declining and 47 remaining unchanged out of 494 active issues.

Tasdeeq Information remained the most actively traded stock in the ready market, with 133.189 million shares changing hands. The stock closed at Rs4.91 compared to the previous close of Rs5.00. Media Times Ltd followed with 72.720 million shares. It closed the day at Rs8.67 against Rs9.60 previously. WorldCall Telecom recorded 48.572 million shares. The stock ended at Re1.00 compared to Rs1.02.

In terms of absolute price movements in the ready market, Unilever Pakistan Foods Limited recorded the largest increase, gaining Rs250.00 to close at Rs25,250. Pakistan Tobacco Company Limited followed with an increase of Rs42.14 to settle at Rs1,405.47. On the losing side, PIA Holding Company Limited (B) posted the largest decline, falling Rs276.95 to close at Rs15,673.05, while Siemens (Pakistan) Engineering declined by Rs80.27 to end at Rs1,620.10.

The BR Automobile Assembler Index declined by 39.83 points, or 0.18 percent, to close at 22,538.97 points on turnover of 0.748 million shares.

The BR Cement Index gained 114.69 points, or 0.96 percent, to settle at 12,023.06 points, with total turnover of 26.817 million shares.

The BR Commercial Banks Index fell by 169.07 points, or 0.28 percent, to 59,187.18 points on turnover of 13.153 million shares.

The BR Power Generation and Distribution Index advanced 42.81 points, or 0.16 percent, to close at 26,089.37 points, with 13.389 million shares traded.

The BR Oil and Gas Index rose 81.17 points, or 0.54 percent, to 15,069.23 points on total turnover of 51.359 million shares.

The BR Tech & Comm Index increased by 8.85 points, or 0.26 percent, to end at 3,358.09 points, with turnover reaching 146.974 million shares.

Analysts said the market outlook remained dependent on developments in geopolitical tensions and international oil prices. They expected market sentiment to remain volatile, with selective buying possible if geopolitical tensions continued to ease and oil prices maintained their downward trend. At the same time, they noted that elevated energy prices, external-sector risks and the upcoming IMF review would remain key factors influencing market direction.