KSE-100 gains 4,300 points

KARACHI: Buying momentum accelerated at the Pakistan Stock Exchange (PSX) as investors found respite in declining oil prices. The benchmark KSE-100 Index settled with a gain of nearly 4,300 points on Wednesday.

The market maintained a positive momentum throughout the trading session, hitting an intraday high of 154,684.

At close, the benchmark index settled at 154,292.25, up by 4,276.09 points or 2.85%. The rally was primarily led by index-heavy stocks—UBL, OGDC, FFC, PPL, and MEBL—which collectively added 1,816 points to the benchmark, providing significant support to the market, said Topline Securities in its post-market commentary.

Analysts attributed the buying spree to a decline in global oil prices and to a rebound in regional markets.

“The market is buying the rumour of a secret text-based backchannel between the US and Iran,” said Behtari Capital. “Despite official denials, the hope of a ceasefire has put a lid on Brent crude at $102 per barrel, sparking this massive relief rally,” it added.

Meanwhile, Saad Hanif, Head of Research at Ismail Iqbal Securities Limited, also attributed the buying to a decline in oil prices. Staff Report