PSX continues recovery, surges 3,600 points during intraday trade

The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 continued its recovery on Wednesday, surging by over 3,600 points during intraday trade.

The index gained 3,619.38 points, or 2.41 per cent, to stand at 153,635.54 points at 12:06pm from the previous close of 150,016.16 points.

The PSX had slipped below 150,000 points on Monday as volatile conditions arising from the Middle East conflict and border tensions with Afghanistan sent investors into panic, who sold off their positions.

However, on Tuesday, the KSE-100 index managed to close in the green, snapping a four-day losing streak and boosting the market above the 150,000-point level.

According to Topline Securities Ltd, market support had come from stable oil prices and positive regional trends. However, trading activity remained subdued, suggesting investors remain cautious and are awaiting a clearer direction before making aggressive moves.

The ongoing Middle East war and the resulting shipping paralysis in the Strait of Hormuz have sent the global oil prices haywire.

On Tuesday, US crude rose 2.28pc to $95.63 a barrel and Brent climbed 2.59pc to $102.81 per barrel.

The State Bank of Pakistan (SBP) is likely to increase its policy rate at the next monetary policy meeting, following an expected sharp rise in headline inflation after a jump in oil prices.

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PSX continues recovery, surges 3,600 points during intraday trade

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