PSX extends gains, KSE-100 rises over 700 points

On Wednesday, the Pakistan Stock Exchange saw continued buying, according to Profit by Pakistan Today, as the benchmark KSE-100 index moved higher even though oil prices held above $100 per barrel. The index had begun the session under pressure, losing more than 300 points in the opening minutes, and struggled for momentum during the first half of trading. Buying picked up after noon, and at 2:10 pm the index stood at 169,076.04, up 615.94 points or 0.37% from Tuesday's close of 168,460.11.

Purchases were seen in car manufacturers, cement makers, lenders, fuel marketing firms, electricity producers and refiners. The advance extended a rebound that started on Tuesday, when the index finished at 168,460.11 after adding 2,592.79 points, a rise of 1.56%, on easing crude concerns and bargain hunting after a steep fall. Earlier in the session, the index had reached an intraday peak of 169,271.98 points.

Overseas, Brent crude was up 0.35% at $100.93 per barrel as of 0800 GMT, staying above the $100 level. Investors weighed larger Gulf exports against Middle East supply concerns and a storm approaching oil-producing areas of the United States.