PSX: KSE-100 opens marginally higher, adds nearly 300 points

Business Recorder reported that the KSE-100 index climbed almost 300 points during trading on Wednesday at the Pakistan Stock Exchange. At 11:20am the benchmark stood at 168,747.88, a gain of 287.78 points or 0.17 per cent. Demand was visible across automobile assemblers, cement makers, commercial banks, oil and gas marketing firms, power producers and refineries.

Heavyweight stocks HUBC, PSO, POL, MCB, MEBL and UBL were also trading in positive territory. Separately, the Federal Board of Revenue informed the International Monetary Fund that 1,016 returns had been filed by retailers and shopkeepers under the Aasan Tax Scheme. The matter emerged while both sides were reviewing the fourth assessment tied to a $7 billion Extended Fund Facility.

Regional markets were marginally weaker on Wednesday even as US stocks touched new highs, while oil prices climbed. US crude was up 1.05 per cent at $90.38 a barrel and Brent gained 1.06 per cent to $101.65. The local index had ended Tuesday at 168,460.11 after gaining 2,592.79 points or 1.56 per cent, supported by easing crude concerns and bargain buying.