PSX: Buying returns as KSE-100 up 600 points

Business Recorder reported that buying interest returned to the Pakistan Stock Exchange on Wednesday, lifting the benchmark KSE-100 by nearly 600 points in the opening minutes. At 9:40am the index hovered at 180,438.76, up 592.08 points or 0.33%. Demand was spread across car makers, cement producers, lenders, fertiliser companies, exploration firms, oil marketing companies and power generators.

The gains followed a weaker session on Tuesday, when the index closed at 179,846.68 after shedding 1,463.60 points, or 0.81%, as crude prices rose and hopes for a quick US-Iran accord faded. Heavyweights HUBC, MARI, POL, PPL, HBL, MCB, MEBL, NBP and UBL also traded in positive territory.

Defence Minister Khawaja Asif told Bloomberg News that the US and Iran were close to some kind of arrangement, citing signals over the last few days. Oil and gold prices rose globally, with US crude up 0.89% at $83.94 a barrel, Brent at $89.60 and spot gold at $4,387.03 an ounce. Investors were also awaiting US consumer price figures, which could indicate the timing of a possible Federal Reserve rate increase.