hit, strike
棓 centers on forceful impact: hitting or striking something, often with a wooden implement.
棓 combines 木 (tree/wood) with 咅, which likely contributes the sound. The character originally referred to a wooden club or staff used for striking, which fits the hit/strike meaning.
A wooden 木 club beside the sound 咅: imagine using a heavy wooden stick to hit or strike something.
For ホウ, picture a wooden hoe (ホウ) used to strike the ground: hoe -> ホウ, and the wooden tool delivers a solid hit.