PSX edges 120 points higher as profit-taking fuels volatility

The Express Tribune reported that the KSE-100 index closed 120.30 points, or 0.07%, higher at 168,580.41 on Wednesday. Early gains faded as profit-taking gathered in the later part of the session, though a late recovery kept the benchmark slightly positive. The index swung between an intraday high of 169,271.99 and a low of 168,065.87. Trading volume rose to 586.8 million shares from 432 million a day earlier, with value reaching Rs22.3 billion.

Political talk offered some support, as hopes grew for renewed government and PTI talks, although the opposition has called the prime minister's proposal a mere offer. Oil remained the bigger concern, with Brent trading above $100 a barrel amid Middle East supply risks and a storm bearing down on oil-producing parts of the United States. Brent was up $1.22 at $101.80 by 1008 GMT, while WTI added 46 cents to $89.90.

Among the key names, Mari Energies, Meezan Bank and Lucky Cement closed lower, while UBL, Pakistan State Oil and PTC ended higher. K-Electric led by volume with 82.7 million shares, rising Rs0.45 to Rs6.04. Oil and gas and fertiliser stocks came under pressure, whereas technology shares lent support. Ahmed Sheraz of KASB KTrade expects choppy, directionless trading until there is more clarity on geopolitics and oil prices.