PSX recovers on late buying, gains 641 points

The Pakistan Stock Exchange (PSX) reversed its earlier weakness on Wednesday, as late buying lifted the KSE-100 index 641.07 points, or 0.39%, to close at 165,417.51. Intraday levels ranged from a high of 165,629.35 to a low of 164,060.34, reflecting a choppy session that opened cautiously. According to The Express Tribune, the benchmark had slipped into negative territory during the afternoon before buyers returned near the close.

Sentiment stayed fragile amid domestic political tension, including reports of governor's rule and an emergency in Khyber Pakhtunkhwa (K-P). Earlier selling hit car assemblers, cement makers, lenders, exploration firms, power producers, refiners and fuel marketers. Later purchases in heavyweight banking, petroleum and power counters carried the index back up, even as crude climbed, with Brent up 34 cents to $106.03 a barrel and US West Texas Intermediate up 28 cents to $94.42.

In its market wrap, KTrade Securities attributed the gain partly to crude holding near $106 a barrel and to a lack of new adverse headlines. The brokerage nonetheless warned that thin turnover reflects continued caution and that sustained buying is needed for further gains. Overall volume rose to 585.8 million shares from 383.7 million on Tuesday, with value at Rs20 billion. Of 501 companies traded, 256 advanced, 200 declined and 45 ended unchanged, while WorldCall Telecom led volumes with 87.4 million shares and held at Rs0.96.