PSX pares gains, ends 369 points higher

According to The Express Tribune, the Pakistan Stock Exchange finished Wednesday in positive territory, though the KSE-100 gave back much of its early advance. The index closed 368.92 points, or 0.22%, higher at 169,969.33. It had been up 947.20 points shortly after the open and reached 171,492.53 at its peak before slipping as trading continued.

Sentiment was lifted by hopes of progress in the government's talks with a visiting IMF mission on the ongoing programme review. The Ministry of Finance also unveiled an action plan for the local currency bond market, while the government is weighing direct LNG imports by power plants and private firms. Topline Securities, however, said that Brent crude near $107 per barrel weighed on investors over the import bill, inflation and the external account.

Trading volume rose to 591.2 million shares from 568 million a day earlier, with value of Rs20.2 billion. Of the 495 companies traded, 253 closed higher, 195 fell and 47 were unchanged. Pakistan International Bulk Terminal was the volume leader with 73.4 million shares, while foreign investors sold Rs205.4 million worth of stock, the National Clearing Company reported.