PSX: KSE-100 up over 500 points amid late buying

Business Recorder reported that the PSX recovered on Wednesday, with the benchmark KSE-100 climbing from an intraday low of 164,060 and at one point gaining more than 500 points. Value buying in the second half lifted the index to 165,321.94, up 545.50 points or 0.33 per cent. The bounce followed Tuesday's session, when profit-taking erased an early gain and the index closed 347.97 points, or 0.21 per cent, lower at 164,776.44.

Investors picked up shares of commercial banks, fertiliser makers, exploration firms, oil marketing companies and refiners. Among index-heavy stocks, HBL, MEBL, NBP, MARI, OGDC and PPL traded in positive territory.

Overseas, Asian equities edged higher on Wednesday as artificial intelligence-linked stocks regained some ground after a selloff, though high oil prices and caution before US inflation data capped gains. Samsung Electronics and SK Hynix gained more than 2 per cent in South Korea, Japan's Nikkei firmed 0.2 per cent and the Kospi put on 1.8 per cent. Energy supply worries deepened after Houthi missile and drone strikes on Saudi Arabia, keeping sentiment guarded.