PSX: Buying returns as KSE-100 gains over 400 points

Buying interest returned at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index settling with a gain of over 400 points on Wednesday.

The index started on a positive note and climbed to an intra-day high of 180,901.26 points before coming under selling pressure around midday. It fell to the intra-day low of 179,920.10 in the early afternoon but recovered later as buying interest returned.

Overall, the market showed mixed trading with strong intra-day swings, but the index managed to end in positive territory.

At close, the KSE-100 Index settled at 180,311.21, up by 464.53 points or 0.26%.

On the positive side, POL, MARI, HBL, HUBC, and BAHL emerged as the major gainers, collectively contributing approximately 410 points to the KSE-100 Index, Topline Securitie said in its post-market report.

The United States and Iran agreed to extend a ceasefire ahead of the expiration of the 60-day deadline under the Islamabad Memorandum of Understanding, Anadolu Agency reported on Wednesday, citing government sources in Pakistan.

On Tuesday, the PSX came under renewed selling pressure amid heightened geopolitical uncertainty, rising crude oil prices and diminishing prospects of a near-term US-Iran agreement. The benchmark index closed at 179,846.68 points, shedding 1,463.60 points or 0.81%.

Internationally, oil and gold prices climbed while regional shares edged nervously higher on Wednesday as geopolitical tensions ratcheted up ahead of key US inflation data.

The yen was mostly flat against the dollar, having unwound much of its gains following rare intervention in currency markets by Japan and the United States.

The US ​and Yemen’s Iran-aligned Houthis reported separate attacks on shipping, while Asia was rattled by an early morning missile launch by North Korea. ‌Markets remained focused on US consumer price index data later in the session for signals of timing for a potential Federal Reserve rate hike.

US crude rose 0.89% to $83.94 a barrel, and ⁠Brent advanced to $89.60 per barrel, up 0.78% on the day. Spot gold gained 0.46% to $4,387.03 an ounce.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5%, while Japan’s ​benchmark Nikkei share gauge traded flat as the market reopened after a holiday.

Meanwhile, the Pakistani rupee extended its marginal gains against the US dollar on Wednesday. The local unit closed the day at 277.66, a gain of Re0.01 against the greenback.

Volume on the all-share index decreased to 744.24 million from 860.26 million recorded in the previous close.

The value of shares declined to Rs32.19 billion from Rs38.86 billion in the previous session.

Cnergyico PK was the volume leader with 67.75 million shares, followed by D.S. Ind. Ltd. with 67.53 million shares, and Hascol Petrol with 47.27 million shares.

Shares of 491 companies were traded on Wednesday, of which 249 registered an increase, 211 recorded a fall, and 31 remained unchanged.