The Pakistan Stock Exchange (PSX) staged a strong rebound on Friday as it surged nearly 1,300 points, led by investor interest in attractive stocks of fertiliser, bank, technology and energy sectors.

The benchmark KSE-100 index rose to the record high of 169,865 following a two-day breather, but it fell short of the 170k milestone at the close of trading. The market reached 170,053 in intra-day trading, however, it again could not hold the level and dropped just before the end of the session.

Earlier, at the commencement of trading, the index immediately dipped to the intra-day low of 168,422 and thereafter it made a gradual recovery by erasing all the losses. At close, the KSE-100 index recorded an increase of 1,289.83 points, or 0.77%, to settle at 169,864.53.

According to analysts, on a week-on-week basis, the index gained 1.66%, which could be attributed to the approval of $1.2 billion in loans by the International Monetary Fund (IMF) and the power-sector debt settlement of Rs659.6 billion.

In its daily review, Topline Securities said that the KSE-100 index rebounded on Friday as it largely traded in the positive zone and closed at 169,865 (up 0.77%). Top positive contribution to the index came from Fauji Fertiliser Company, MCB Bank, Systems Limited, Maple Leaf Cement, Pakistan Petroleum, Engro Fertilisers and Hubco as they cumulatively contributed 962 points.

Traded value-wise, Nishat Mills (Rs3 billion), Pakistan Petroleum (Rs2.17 billion), Sui Southern Gas Company (Rs1.28 billion), Maple Leaf Cement (Rs1.25 billion), Meezan Bank (Rs1.24 billion), Fauji Fertiliser Company (Rs1.2 billion) and OGDC (Rs1.16 billion) dominated the activity, Topline said.

In its weekly report, the brokerage house said that the KSE-100 gained 1.66% week-on-week. “This gain can be attributed to news that the IMF board approved a $1.2 billion loan by granting waivers for missing a few core conditions, and the landmark Rs659.6 billion power-sector debt settlement.”

Mubashir Anis Naviwala of JS Global said that the PSX rebounded strongly as the KSE-100 index surged 1,290 points to close at 169,865.

The market opened soft but quickly recovered with a steady upward momentum. It touched the intra-day high at 170,053, showing strong buying interest, he said.

Overall volumes remained healthy at 873 million shares as optimism returned after Thursday’s pullback, lifting major sectors. Buyers remained dominant throughout the session, driving sustained strength. “The near-term outlook stays positive as the market attempts another break above 170k,” he added.

Overall trading volumes stood at 873 million shares compared to the previous tally of 1.3 billion. The value of traded shares stood at Rs40.9 billion.

On the ready market, shares of 482 companies were traded. Of these, 259 closed higher, 180 dipped and 43 remained unchanged.

Hum Network was the volume leader with trading in 71.8 million shares, rising Rs0.23 to close at Rs14.88. It was followed by Dost Steels with 47 million shares, gaining Rs0.22 to close at Rs8.14 and WorldCall Telecom with 40.8 million shares, up Rs0.04 to close at Rs1.83.

Foreign investors were net sellers of shares worth Rs547.5 million, the National Clearing Company reported.