The Pakistan Stock Exchange (PSX) made a slight recovery on Wednesday, with the benchmark KSE-100 Index gaining over 1,700 points following nearly 4% decline on Tuesday.
At close, the benchmark index settled at 175,285.78, an increase of 1,766.97 points or 1.02%.
Buying activity returned to the Pakistan Stock Exchange (PSX) on Wednesday, with investors showing interest in major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), power generation and refineries. Index-heavy stocks such as HUBCO, MARI, OGDC, PPL, NBP and UBL traded in positive territory, lending support to the benchmark index.
The recovery followed one of the PSX’s sharpest declines on Tuesday, when escalating geopolitical tensions in the Middle East triggered widespread panic selling. Investor sentiment was rattled by growing concerns over the conflict between the United States and Iran and its potential impact on global oil supplies.
The benchmark KSE-100 Index had tumbled 6,408.23 points, or 3.56%, to close at 173,518.82.
Meanwhile, international oil prices extended their gains on Wednesday after US President Donald Trump reimposed a naval blockade on all Iranian ports, prompting Iran to launch retaliatory strikes on US infrastructure in the region.
For a second consecutive session, Brent crude settled at its highest level since June 12, while US West Texas Intermediate (WTI) closed at its strongest level since June 15 before both benchmarks advanced further in early Wednesday trading.
As of 0029 GMT, Brent crude was up $1.46, or 1.72%, at $86.19 per barrel, while WTI gained $1.11, or 1.4%, to trade at $80.40 per barrel.
