PSX closes flat amid continuing Middle East conflict, rising oil prices

KARACHI: The Pakistan Stock Exchange (PSX)’s KSE-100 Index closed relatively flat on Friday, as it gained 20.64 points or (0.02%) closing at 120,023.23 level amid on-going Middle East conflict kept investors sentiment cautious, analysts said. 

The benchmark Index experienced a volatile session, as persistent geopolitical tensions and rising international oil prices kept investor sentiment cautious, Ismail Iqbal Securities stated.

KSE 100 lndex, after opening on a positive note, traded in the positive zone during the most part of the trading session on news that the Trump administration has decided to exercise restraint and will decide on US action in the Israel-Iran conflict within two weeks, Topline Securities noted.

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However, due to lack of confidence surrounding the conflict, the KSE 100 Index came down during the latter hours of the trade to close on a flat note – 120,023 level (up by 0.02%).

Top positive contributions to the index came from HUBC PA, SYS PA, UBL PA, OGDC PA, MLCF PA and PPL PA, as they cumulatively contributed +168 points to the index. Whereas top negative contribution to the index came from PKGP PA, TRG PA, FFC PA, PSEL PA, EFERT PA and MCB PA, as they cumulatively contributed -180 points to the index.

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Traded value wise TRG PA ($5.32), PSO PA ($3.03mn), MLCF PA ($2.09mn), OGDC PA ($2.04mn) and HUBC PA ($1.72mn) dominated the trading activity.

Traded volume and value for the day stood at 415mn shares and PKR.15.7bn/$55mn respectively.

In the last session, PSX’s early gains washed out amid Middle East conflict jitters.

The Index had lost 463.34 points or (-0.38%) closing at 120,002.59 level on Thursday.