Pakistan’s stock market opened on a positive note on Wednesday, with the benchmark index posting strong early gains before turning volatile as trading progressed.
Buying activity continued at the Pakistan Stock Exchange (PSX) during the opening session, supported by improved investor sentiment after a decline in international oil prices. Within minutes of the opening bell, the benchmark KSE-100 Index climbed more than 2,400 points as investors accumulated shares across several major sectors.
At around 10:15am, the index was recorded at 158,589.72 points, up 2,412.60 points or 1.54 percent from the previous close. Early buying was observed in automobile assemblers, cement, commercial banks, oil marketing companies and refineries. Major index-heavy stocks including CNERGY, FFC, MCB, MEBL, UBL and LUCK traded in positive territory during the initial hours.
However, the strong momentum slowed later in the session as the market began to fluctuate and some investors booked profits. By 12:24pm, the KSE-100 Index was recorded at 156,497.67 points, showing a modest gain of 320.55 points or 0.21 percent compared with Tuesday’s close.
During the session, the index touched an intraday high of 158,624.51 points and a low of 156,197.93 points, with trading volume reaching about 179.89 million shares. Despite the modest intraday gain, the benchmark index remains down about 10.09 percent so far this year, although it has still posted a 37.07 percent increase over the past year.
Among actively traded stocks, K-Electric, Bank of Punjab and Cnergyico were among the most active counters during midday trading. Several stocks also recorded notable gains, including companies such as KSTM, HWQS and JUBS, while a number of shares, including WASLR and HIFA, remained under pressure.
The positive start followed a strong recovery in the previous session. On Tuesday, Pakistan’s equity market witnessed aggressive buying across major sectors, helping the benchmark KSE-100 Index recover a large portion of earlier losses. The index had surged by 9,696.97 points, or 6.62 percent, to close at 156,177.12 points, signalling renewed investor confidence at the PSX.
Global markets remain cautious
Internationally, financial markets remained cautious as investors monitored developments in the Middle East conflict. Global equities received some relief after oil prices briefly eased following reports that the International Energy Agency may release a large volume of oil reserves to help lower crude prices.
Brent crude futures moved between gains and losses and were trading about 0.2 percent higher at $87.89 per barrel, while US crude hovered around $83.47 per barrel after initially declining on the news.
Despite the temporary relief in energy prices, geopolitical tensions kept investors nervous as the conflict involving the United States, Israel and Iran continued, raising concerns about possible disruptions to global energy trade and inflation.
Across Asia, stock markets showed positive movement. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.6 percent, Japan’s Nikkei advanced 2.1 percent, and South Korea’s Kospi gained 3.2 percent. US stock futures also moved higher, with Nasdaq and S&P 500 futures each rising around 0.4 percent, while EUROSTOXX 50 futures slipped slightly.
