KARACHI: Strong buying activity returned to the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark KSE-100 Index gaining nearly 1,700 points during intraday trading as investors showed renewed confidence across major sectors.
By 1:30pm, the KSE-100 Index had climbed 1,672.87 points, or 0.94%, to 179,365.79 points.
The rally was driven by broad-based buying in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, oil marketing firms, and power generation stocks. Major index contributors such as KE, Mari Energies, OGDC, Pakistan Oilfields, PPL, HBL, MCB, NBP and UBL traded firmly in positive territory.
The rebound came a day after the market extended its losses for a second consecutive session. On Tuesday, the benchmark index fell 778.95 points, or 0.44%, closing at 177,692.92 points as investors remained cautious amid uncertainty over regional geopolitical developments and profit-taking in heavyweight stocks.
Meanwhile, global markets remained volatile following a sharp selloff in technology and semiconductor shares. Asian equities showed mixed performance, with South Korean stocks recovering more than 2% after suffering their steepest one-day decline since March, while Japan’s Nikkei fluctuated before slipping into negative territory.
On Wall Street, major U.S. indexes closed lower overnight amid concerns over rising debt-funded spending on artificial intelligence projects and expectations of a more hawkish Federal Reserve stance. The Dow Jones Industrial Average edged down 0.09%, while the S&P 500 and Nasdaq lost 1.4% and 2.2%, respectively.
Oil prices also remained under pressure, hovering near four-month lows as more tankers stranded in the Gulf appeared set to resume movement through the Strait of Hormuz, easing supply concerns.
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