PSX rebounds as KSE-100 index gains nearly 1900 points

KARACHI: The Pakistan Stock Exchange (PSX) recovered on Wednesday after two days of losses, with the benchmark KSE-100 Index gaining nearly 1,900 points.

At the close of trading, the KSE-100 Index settled at 179,571.26 points, up by 1,878.34 points or 1.06%.

The market saw renewed buying activity as investors purchased shares in major sectors, including automobile companies, cement, commercial banks, fertilizer, oil and gas exploration firms, oil marketing companies, and power generation companies.

Major stocks such as KML, MARI, OGDC, PPL, PAEL, and UBL recorded gains, helping improve overall market sentiment.

The positive performance came after a weak trading session on Tuesday, when investors remained cautious because of regional geopolitical concerns. Profit-taking in major sectors also contributed to the market decline.

On Tuesday, the KSE-100 Index had fallen by 778.95 points, or 0.44%, to close at 177,692.92 points.

Meanwhile, international oil prices continued to fall on Wednesday. Crude oil prices dropped by more than 1% as more oil tankers in the Gulf prepared to move through the Strait of Hormuz, easing concerns about supply disruptions.

Brent crude fell by 78 cents, or 1%, to $76.30 per barrel. US West Texas Intermediate (WTI) crude also dropped by 78 cents, or 1.1%, to $72.43 per barrel.