PSX gains 1,646 points after rebound from oil-led sell-off

The KSE-100 index closed Friday at 170,511 points, up 1,646 points or 0.98%, after a turbulent session. Earlier it had dropped to 166,641, at one stage nearly 2,700 points lower, as investors sold in alarm. Express Tribune said the slide came after Brent crude rose almost 7% overnight toward $109 a barrel.

Sentiment turned once Brent eased back to around $104 a barrel, following reports that Gulf nations and Iran might hold discussions about the Strait of Hormuz. Pakistan's diplomatic contact with Iran's foreign minister, Abbas Araghchi, also formed part of the backdrop. Buying then surged, and the index regained more than 4,000 points off its lowest level.

Around 278 million shares changed hands, underscoring heavy repositioning by investors. Ahmed Sheraz of KASB KTrade linked the early weakness to the jump in oil prices.