PSX: rally continues, KSE-100 up 2%

The KSE-100 had risen 3,497.84 points, or 2.08%, to 171,516.70 by 2:30pm on Wednesday, as buying continued at the Pakistan Stock Exchange, Business Recorder reported. The move extended the previous session’s advance, when the index added 1,454.80 points to finish at 168,018.87.

Arif Habib Limited research head Sana Tawfik told the publisher that mutual funds and other institutions were driving demand, while oil prices stabilising near $103 had also supported sentiment. Buying was reported across automobile assemblers, cement, banks, oil and gas exploration, marketing companies, power generation and refineries; HUBCO, MARI, OGDC, PPL, POL, MCB, MEBL, NBP and UBL were among stocks trading higher. Investors were also monitoring the US midterm election outcome and developments in US-Iran talks, while international markets were unsettled by election results and broader geopolitical considerations.