PSX: rally continues, KSE-100 gains over 4,000 points as investors bet on US midterms, Iran talks

The KSE-100 was up 4,104.50 points, or 2.44%, at 172,123.36 by 3:25pm on Wednesday, as buying continued at the Pakistan Stock Exchange. Business Recorder reported that investors were watching US midterm election results and developments around US-Iran talks.

Arif Habib Limited research head Sana Tawfik said institutional activity, particularly from mutual funds, was driving purchases, while oil prices stabilising near $103 also supported sentiment. Saad Hanif of Ismail Iqbal Securities linked the rally partly to expectations that a Democratic sweep could favour negotiation in the region, easing oil prices and inflation.

Buying was seen across automobile assemblers, cement, commercial banks, oil and gas explorers, oil marketing companies, power generation and refineries. HUBCO, MARI, OGDC, PPL, POL, MCB, MEBL, NBP and UBL were among index-heavy stocks trading higher; the report described this as an intraday update.