Buying interest returned to the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index rising more than 1,300 points in early trading as investors piled into key sectors and index-heavy stocks.
At 11:02am, the benchmark index was trading at 178,189.99, up 1,343.63 points, or 0.76%.
Buying activity was witnessed across key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), and power generation. Index-heavy stocks such as HUBCO, MARI, OGDC, PPL, POL, PSO, HBL, MCB, MEBL and NBP were trading in positive territory.
On Wednesday, the PSX closed lower after reports that the petroleum ministry was negotiating with local refineries over a possible reduction in diesel prices triggered selling in energy stocks. Continued volatility in international energy markets also weighed on investor sentiment.
The benchmark KSE-100 Index fell 1,109.15 points, or 0.62%, to settle at 176,846.36 points.
Meanwhile, oil prices steadied in early trading on Thursday as investors assessed the outlook for the US-Iran war and the security of shipping through the Strait of Hormuz.
Brent crude futures for October delivery rose 25 cents, or 0.3%, to $91.87 a barrel by 0037 GMT, while US West Texas Intermediate (WTI) crude futures for September slipped 2 cents to $85.81 a barrel.
The more actively traded October WTI contract gained 14 cents, or 0.2%, to $84.53 a barrel.
