KSE-100 recovers 632-point slide to close 154 points higher
Refinery shares fell to their lower limit after the October 31 pricing notification shifted petrol import costs onto local refiners from consumers.
The benchmark KSE-100 index closed 154.81 points higher, or 0.09%, at 166,564.07 on Monday, recovering from a 632-point fall earlier in the session, the Express Tribune reported. Business Recorder and Investify also reported a higher close, with Investify giving the same closing level.
The index had slipped to 165,776.85 points by 12:29pm, down 632.40 points from Friday's close of 166,409.25, before buyers returned. It touched an intraday high of 166,989.76 and a low of 165,585.42. According to Arif Habib Limited (AHL), the market opened the week flat and traded on both sides of the tape. Among the stocks it tracked, 41 rose and 58 fell, with Mari Energies up 3.15%, Fauji Fertiliser up 0.92% and Engro Holdings up 1.57%. Attock Refinery fell 10%, Oil and Gas Development Company 1.66% and Pakistan State Oil 2.33%.
Oil prices dropped more than 4% after Iranian and Qatari officials held a third consecutive day of talks aimed at ending the US-Israeli war on Iran, the Express Tribune reported. The fall eased concern over Pakistan's energy import bill, and the absence of major military escalation over the weekend supported sentiment in international markets.
Refinery shares traded down to their lower limits after the October 31 pricing notification shifted the impact of higher petrol import costs onto local refiners rather than consumers. The ex-refinery petrol price rises Rs15.13 a litre to Rs282.26, but the increase is offset by a Rs14.71 a litre cut in the petroleum levy collected through refineries and a Rs0.42 a litre lower IFEM, leaving the ex-depot price unchanged at Rs377.91 a litre. AHL estimated the measure, which applies for 30 days, places a burden of Rs9.4 billion a month pre-tax, or Rs5.9 billion post-tax, on the sector excluding PARCO.
Trading volume fell to 443.4 million shares from 825.4 million on Friday, with traded value at Rs17.7 billion. Of 496 companies traded, 137 closed higher, 319 lower and 40 unchanged. Cnergyico Pk led volume with 93.2 million shares, losing Rs1.36 to close at Rs12.28.
October consumer price inflation rose 9.6% year on year, AHL noted, still above the State Bank of Pakistan's 5% to 7% target range, with energy costs elevated by the Middle East conflict. The brokerage named 167,500 to 168,000 points as the resistance level to watch in coming sessions.
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