PSX: KSE-100 up nearly 1,300 points

Buying emerged on the Pakistan Stock Exchange on Thursday, lifting the KSE-100 index close to 1,300 points in intraday trade. Business Recorder reported that at 12pm the index stood at 169,303.71, up 1,281.91 points or 0.76%.

Demand was spread across commercial banks, oil and gas exploration firms, cement makers, refineries, power producers, oil marketing companies and car assemblers. Large-cap shares including LUCK, MCB, MEBL, NBP, UBL, MARI, OGDC, PPL and POL were also advancing during the session.

The advance followed a steep decline on Wednesday, when the index shed 1,370.52 points, or 0.81%, to finish at 168,021.80 amid high global oil prices and lingering regional tensions. Abroad, Asian equities edged higher after the US Federal Reserve lifted its policy rate by a quarter point, a move widely anticipated, and Goldman Sachs now expects another increase in October.