PSX climbs nearly 400 points amid sustained buying interest

Index moves between a high of 164,368.47 and a low of 163,545.69 points

KARACHI:

The Pakistan Stock Exchange (PSX) remained in positive territory on Wednesday, extending its rally into a third consecutive session of the week as buying interest sustained the benchmark Index’s upward momentum, despite a fresh surge in international oil prices amid renewed Middle East supply concerns.

The KSE-100 Index was trading at 164,863.97 points at 12:49pm, up 396.77 points, or 0.24%, from the previous close of 163,038.46 points.

The market opened on a steady note and quickly advanced, reaching 164,830.55 points, up 363.35 points, or 0.22%, within minutes of the opening bell. The benchmark later extended its gains before easing from the session’s earlier highs.

The Index moved between a high of 164,368.47 and a low of 163,545.69 points, according to the initial market highlights.

Read: PSX extends winning streak, up 1,429 points

Regional markets also offered support to investor sentiment, with Asian stocks rallying on Wednesday as renewed enthusiasm over Artificial Intelligence (AI) boosted sentiment ahead of earnings announcements from major US companies.

However, international oil prices rose sharply after an attack on a refinery in Saudi Arabia, the world’s largest crude exporter, revived concerns over supply disruptions amid continuing conflict in the Middle East.

Brent crude futures rose $2.02, or 1.8%, to $115.90 a barrel, while US West Texas Intermediate crude gained $2.01, or 2%, to $101.91 as of 0735 GMT.

The rise in oil prices remains a key external concern for Pakistan, given the implications of higher energy costs for the import bill and inflation.