PSX snaps losing streak on value-hunting

Dawn reported that the benchmark KSE-100 index closed above the 180,000 level on Wednesday, ending a three-session losing run. Selective buying lifted the index by 464.53 points, or 0.26 per cent, to 180,311.22 after it touched an intraday peak of 180,901.27. Topline Securities said investors returned after several sessions of profit-taking that began on Friday.

Mari Energies, Habib Bank, Hub Power and Bank Alfalah were the main gainers, together adding about 410 points to the index. Trading activity was thinner, with volume down 13.48 per cent to 744 million shares and value down 17.16 per cent to Rs32.19bn. Cnergyico PK led the volume table with 67.7 million shares changing hands.

Sentiment also drew support from reports that the US and Iran had agreed to extend their ceasefire before a 60-day deadline under the Islamabad Memorandum of Understanding expired, as relayed by Anadolu Agency, which quoted a Pakistani source. Separately, Iran and Pakistan committed to greater petroleum-product trade and to specialised working groups for a gas pipeline project that has long been delayed. Sui Southern Gas Company advanced 2.74 per cent and Sui Northern Gas Pipelines rose 2.31 per cent.