PSX gains nearly 400 points for third straight session despite higher oil
The KSE-100 Index rose 396.77 points, or 0.24%, to 164,863.97 at 12:49pm on Wednesday. It was the third consecutive session of gains, even as oil prices rose.
For information only, not investment advice. Prices change quickly: check the time and source of every figure.
- KSE-100 stood at 164,863.97 points at 12:49pm, up 396.77 points or 0.24%
- It was the third straight session of gains this week
- Brent crude rose $2.02, or 1.8%, to $115.90 a barrel after an attack on a Saudi refinery
The Pakistan Stock Exchange stayed in positive territory on Wednesday, extending its rally into a third consecutive session of the week as buying interest supported the benchmark index.
According to The Express Tribune, the KSE-100 Index was trading at 164,863.97 points at 12:49pm, up 396.77 points, or 0.24%. The paper put the previous close at 163,038.46 points, while Minute Mirror gave it as 164,467.20 points; the reports therefore differ on that figure.
The market opened steadily and moved higher soon after the opening bell. The index reached 164,830.55 points, up 363.35 points, or 0.22%, within minutes. It later extended its gains before easing from the earlier highs of the session.
According to the initial market highlights cited in the reports, the index moved between a high of 164,368.47 points and a low of 163,545.69 points.
Regional markets supported sentiment. Asian stocks advanced on Wednesday as renewed enthusiasm over artificial intelligence lifted buying interest ahead of earnings announcements from major US companies.
Oil prices, however, rose sharply after an attack on a refinery in Saudi Arabia, the world's largest crude exporter, revived concerns about supply disruption amid the continuing conflict in the Middle East. As of 0735 GMT, Brent crude futures were up $2.02, or 1.8%, at $115.90 a barrel, and US West Texas Intermediate crude was up $2.01, or 2%, at $101.91.
The reports describe higher oil prices as a key external concern for Pakistan, which relies heavily on imported energy. A sustained increase could raise the import bill and add to domestic inflationary pressure.
Why it matters
Daily PSX moves show how shares held by Pakistani savers and pension funds are doing, while higher oil prices bear on the country's import bill and inflation.
