PSX: Buying continues, KSE-100 up nearly 1,000 points

According to Business Recorder, buyers took control in the first minutes of Wednesday's session at the Pakistan Stock Exchange, lifting the KSE-100 gauge close to 1,000 points. At 9:45am the index stood at 172,373.28, a gain of 971.20 points or 0.57%. Gains were spread across automobile assemblers, cement, commercial banks, exploration firms, oil marketing companies and refineries, while heavyweights HBL, MCB, MEBL, NBP, MARI, OGDC, POL, PPL and ARL traded in positive territory.

On Tuesday the PSX ended marginally higher after bargain hunters stepped in late in the session to offset an early slide. Earlier weakness came as crude prices fell internationally and regional diplomacy remained in focus, and the KSE-100 settled at 171,402.08 points. Separately, Business Recorder cited official sources as saying an International Monetary Fund staff mission had reportedly landed in Pakistan to open talks on the fourth review under the Extended Fund Facility and the third review under the Resilience and Sustainability Facility.

Abroad, Asian equities were on course for a sixth consecutive day of advances, helped by continued interest in AI applications, while oil prices slipped on reports of higher Middle East supply. Reuters cited sources saying Saudi Arabia had brought its East-West conduit back into service, with exports from Yanbu possibly already resumed.