The Pakistan Stock Exchange (PSX) maintained a firm footing on Wednesday, with the benchmark KSE-100 Index climbing 830.43 points, or 0.48%, to settle at 172,232.51.
The index remained in the green from start to finish, holding above the previous close throughout the trading session as investors responded positively to developments around US-Iran talks and softer oil prices.
The benchmark index touched an intraday high of 172,762.41 and a low of 171,843.51. Investor sentiment was supported by hopes that ongoing US-Iran talks could pave the way for a diplomatic resolution, reducing fears of further disruption to global crude supplies.
Meanwhile, oil prices remained near their lowest level in more than two weeks on Wednesday as improving Gulf crude supplies weighed on the market. However, a sharp rise in diesel refining margins, which reached a record high amid potential restrictions on US diesel exports, provided a counterweight.
Read: Oil falls $1 on better supply outlook, hopes for US-Iran talks
The improved geopolitical tone and lower oil prices helped sustain buying interest in the local market, with gains seen across major sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies and refineries.
The session's advance marked a notable recovery for the benchmark as investors continued to track developments at the United Nations General Assembly, where diplomatic efforts around the US-Iran conflict have remained a key focus.
According to Ismail Iqbal Securities, the benchmark closed on a positive note, supported by improved investor sentiment amid declining oil prices, with buying concentrated in select sector-specific stocks. Fertiliser, banks, and E&Ps sectors were the major contributors in today's session, cumulatively adding 497 points to the index, it noted.
Cumulatively, trading volume increased to 773.5million shares versus Tuesday’s total of 641.8million. In the ready market, shares of 496 companies were traded. Of these, 262 stocks closed higher, 196 fell, and 38 remained unchanged. Cnergyico PK became the volume leader with trading in 150.3million shares, rising Rs1.11 to close at Rs14.31.
