Equities gain 398 points on refinery optimism

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KARACHI: The Pakistan Stock Exchange (PSX) rallied on Monday amid renewed buying interest at attractive levels, despite no progress on a US-Iran deal over the Strait of Hormuz, amid fresh harsh comments from Donald Trump. However, the index managed to close in the green despite some mid-session selling pressure.

Overall, the session reflected renewed investor confidence, particularly in the refinery sector, with the benchmark maintaining its upward momentum and closing firmly in the green.

Topline Securities Ltd said the PSX recorded a strong bullish session, with the bulls pushing higher to reach an intraday high of 1,054 points at 181,158.87 amid robust buying. Although some profit-taking emerged during the session, the index held on to its gains and settled at 180,502.44, up 397.83 points or 0.22 per cent.

The refinery sector remained the talk of the town, as market rumours about a potential signing ceremony for the long-awaited refinery policy sparked strong buying interest across the sector. Attock Refinery, Pakistan Refinery, National Ref­inery, and Cnergyico PK all closed in positive territory, significantly outperforming the broa­der market.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the PSX witnessed a positive session, driven by news that Pakistan’s refinery modernisation programme is moving towards implementation, with five domestic refineries planning $4.5-5bn in investment across green fuel, bottom-of-the-barrel, and capacity expansion projects.

On the corporate front, Service Long March Tyres Ltd reported FY26 earnings per share of Rs1.83, up 30pc year on year from Rs1.40, and announced a cash dividend of Rs0.83 per share.

On the index contribution front, PSO, PPL, ATRL, CNERGY, and OGDC collectively added 723 points to the benchmark index. Conversely, Habib Bank, Fauji Fert­iliser, Systems Ltd, Lucky Cement, and Habib Metr­opolitan Bank collectively erased 403 points amid selective profit-taking.

Market activity remained strong, with traded volume up 17.54pc to 1.04bn shares and total turnover surging 31.71pc to Rs48.2bn.

Analysts anticipate a positive outlook, driven by optimism in the refinery sector, robust corporate earnings, and improving macroeconomic fundamentals. However, after the recent gains, profit-taking may keep the market volatile in the near term, particularly at elevated levels.

Published in Dawn, August 18th, 2026

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