PSX: Buying returns as KSE-100 up 900 points

Business Recorder reported that buyers returned to the Pakistan Stock Exchange on Wednesday, lifting the KSE-100 index by more than 900 points during the session. Midday figures placed the benchmark at 180,797.75, a gain of 951.07 points or 0.53 per cent. Demand was seen across automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration firms, oil marketing companies and power generators.

Heavyweight stocks including HUBCO, MARI, POL, PPL, HBL, MCB, MEBL, NBP and UBL moved into positive territory. The rebound followed a weaker Tuesday, when the index dropped 1,463.60 points, or 0.81 per cent, to close at 179,846.68 amid geopolitical worries and rising crude prices. Defence Minister Khawaja Asif told Bloomberg News that recent signals pointed to the US and Iran nearing an arrangement that could calm strains hitting energy markets.

Globally, oil and gold prices rose, with US crude up 0.89 per cent at $83.94 a barrel, Brent at $89.60 and gold at $4,387.03 an ounce. Investors were also awaiting US inflation figures for hints on a possible Federal Reserve rate increase.