Stocks extend mild recovery on select buying

Topline Securities Ltd said the market remained range-bound during the last trading session of the week, with the index trading between an intraday high of 175,418.29 and a low of 174,515.39, before closing at 175,329, up 399.13 points or 0.23 per cent. The lacklustre activity was largely attributable to investors' preference for staying on the sidelines.

Meezan Bank, Bank Al-Habib, Mari Energies, Pakistan Petroleum and Oil and Gas Development Company (OGDCL) collectively added 250 points to the index. Conversely, United Bank, Attock Refinery, Pakistan Services Ltd, Cnergyico PK and Fauji Fertiliser collectively dragged the index down by 212 points.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd, noted that market sentiment remained mixed ahead of the weekend amid geopolitical uncertainty.

Meanwhile, reports that the government is considering reducing the high-speed diesel refining margin cap to $30 per barrel from $41.89 weighed on the refinery sector, with Pakistan Refinery down 6pc, Attock Refinery 3.43pc, National Refinery 1.98pc and Cnergyico PK 3.73pc.

On the corporate front, OGDC reported a 3.1-fold year-on-year surge in 4QFY26 earnings to Rs127.1bn, with earnings per share of Rs29.55, driven by higher oil prices, increased production and a Rs44bn reversal of the super-tax.

On the macro front, SPI increased 8.35pc year-on-year and 0.65pc week-on-week for the period ended on Sept 3.

Market activity turned robust, with total trading volume surging 39.34pc to 874 million shares and turnover jumping 28.71pc to Rs32.4bn. Cnergyico PK topped the volume chart with 149m shares.

Analysts anticipate volatility will persist during the current earnings season, with geopolitical events and oil prices remaining the primary market drivers.

Published in Dawn, September 5th, 2026

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