PSX: KSE-100 gains over 700 points, albeit late-session selling

Business Recorder reported that the KSE-100 index closed Thursday's session at 166,186.16 points, a gain of 768.66 points, or 0.46%, despite a late pullback. The benchmark had initially slipped to a low of 165,613.11 before climbing above 166,000, and it peaked at 166,877.01 around midday. Profit-taking in the afternoon then pulled the index back from that high.

On Wednesday, the market had rebounded as buyers targeted refinery counters, with Pakistan Refinery Limited named among the energy-related shares that lifted sentiment. The index added 641.07 points, or 0.39%, to finish at 165,417.51 points, though investors stayed wary given a shortage of fresh catalysts and ongoing geopolitical uncertainty.

Overseas, Asian equities opened lower on Thursday after US consumer price inflation came in hotter than expected, raising expectations of Federal Reserve rate increases later this year. MSCI's Asia-Pacific gauge excluding Japan slid 1.2%, with South Korea's KOSPI down 5.6%, after Wall Street posted a third straight day of losses overnight. The S&P 500 eased 1.1% and the Nasdaq Composite fell 1.9%, while CME FedWatch data showed the implied chance of a 25-basis-point hike at the October 28 meeting rising to 31.6% from 22.1% a day earlier.