The Pakistan Stock Exchange saw strong buying on Wednesday, with the benchmark KSE-100 Index jumping sharply during intraday trade as investor mood improved.
By around 12:20pm, the index had climbed to 153,988, up by 3,971 points or 2.65 percent. Some profit-taking later trimmed gains slightly, but the market remained firmly in positive territory. At 12:59pm, the index stood at 153,717, still higher by 3,701 points or 2.47 percent.
The session saw broad-based buying across major sectors. Investors showed interest in automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration firms, oil marketing companies, power generation and refineries.
Heavyweight stocks led the rally, with companies such as DG Khan Cement, Habib Bank, MCB Bank, Meezan Bank, Mari Petroleum, Oil and Gas Development Company, Pakistan Oilfields, Pakistan Petroleum, Pakistan State Oil, Sui Northern Gas Pipelines and Sui Southern Gas Company all trading higher.
Market activity remained healthy, with total traded volume reaching over 173 million shares. The index moved within a day range of 150,284 to 154,003.
Analysts said the rally was supported by easing global oil prices and a recovery in regional markets. There was also talk in financial circles about possible backchannel communication between the US and Iran, which raised hopes of a pause in tensions. While there has been no official confirmation, expectations of a ceasefire have helped keep oil prices in check, lifting investor sentiment.
Globally, markets showed signs of relief. Asian shares moved higher as oil prices paused after recent gains. Investors are also watching the upcoming US Federal Reserve meeting for signals on interest rates and economic outlook.
Brent crude fell about 1 percent to around $102 per barrel, while US crude dropped more than 1 percent. This cooling in oil prices offered some comfort to equity markets that had been under pressure due to geopolitical tensions.
A day earlier, the PSX had closed with modest gains, ending at 150,016 points after adding 837 points. Despite recent volatility linked to global developments, the latest rally suggests investors are regaining some confidence, at least for now.
