At the close of trading, the KSE 100 Index settled at 167,086 points, recording an increase of 802 points or 0.48 percent.
According to Ali Najib, Deputy Head of Trading at Arif Habib Ltd, the benchmark index remained largely positive throughout the session due to key developments. Saudi Arabia extended its three billion dollar deposit with Pakistan for another year, providing crucial support to the external sector. Political uncertainty also eased after the president approved the summary for the appointment of the Chief of Defence Staff.
On the corporate front, Service Industries announced that its subsidiary, Service Long March Tyres, will raise capital through an initial public offering and pursue a listing on the Pakistan Stock Exchange.
Among the major contributors, FFC, PPL, OGDC, UBL and SYS added a combined 551 points to the index. On the other hand, MCB, PIOC, FABL, NBP and BOP collectively dragged the index lower by 138 points.
Trading activity remained moderate with 685.9 million shares exchanged and a total turnover of 41.6 billion rupees. TELE led the volume chart with 58 million shares.
During the week, the stock market posted a gain of 408 points or 0.26 percent. The KSE 100 Index began the week at 167,229 points, hit a high of 169,289 and recorded a low of 165,886 before closing at 167,086. The overall trend reflected a period of consolidation with limited directional moves.
Looking ahead, analysts expect the market to attempt a new all time high, with the energy sector likely to drive the rally. Sentiment is being supported by expectations of a potential circular debt disbursement next week, which could attract renewed buying in key exploration and production as well as power sector stocks.
