PSX extends recovery for third straight session

The KSE-100 rose 1,269.55 points, or 0.77 per cent, to finish Wednesday at 165,736.76, extending its gains to a third session, Dawn reported. The index briefly crossed 166,000 before selling at higher levels trimmed its advance, but it ended above 165,000. Topline Securities attributed the upward move to stronger-than-expected corporate results and renewed investor confidence.

The rally came as oil prices climbed and the State Bank raised its policy rate to 12pc from 11.5pc. Market gains included Fauji Fertiliser, National Bank, Hub Power, MCB Bank and Bank Alfalah, which together contributed about 833 points. Trading volume increased 43.82 per cent to 578 million shares, while traded value rose 45.01pc to Rs26.2bn; in a Treasury bill auction, bids of Rs4,868bn exceeded the Rs1,650bn target and yields rose 25-61bps across maturities.