Stocks stage mild recovery on value-hunting

KARACHI: Although the situation in the Middle East remained tense amid persistent supply disruptions due to attacks on ships, the Pakistan Stock Exchange (PSX) managed to break its four-session losing streak on Friday.

Attractive valuations revived buying interest, helping the benchmark KSE-100 index to settle above the 170,000 milestone after hitting an intraday low of 166,141.18.

This partial recovery followed overnight massive losses, as lingering fears about the economy, including costly energy imports and rising inflationary pressure, kept market sentiment cautious.

According to Topline Securities Ltd, the index opened on a negative note as Houthi attacks on Saudi energy facilities pushed crude oil prices higher, weighing on investor sentiment.

Index snaps four-session losing streak to close above 170,000

Index snaps four-session losing streak to close above 170,000

However, during the latter part of the trading session, reports that the six-member Gulf bloc is considering a meeting with Iranian officials next week to discuss the future of the Strait of Hormuz triggered a decline in crude oil prices. The easing in oil prices helped improve market sentiment, allowing the index to recover and close at 170,512 points, up 1,646.82 points, or 0.98 per cent.

Meezan Bank, Fauji Fertiliser, Lucky Cement, Pakistan Petroleum, Oil and Gas Development Company and Engro Fertiliser cumulatively added........

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