PSX extends winning streak despite rising oil prices

KARACHI: The Pakistan Stock Exchange (PSX) continued its upward trend on Wednesday, recording a third consecutive session of gains as investors maintained buying interest despite rising international oil prices and renewed concerns over energy supplies in the Middle East.

The benchmark KSE-100 Index stood at 164,863.97 points at 12:49pm, gaining 396.77 points, or 0.24%, from the previous close of 164,467.20 points.

The market opened on a positive note and advanced shortly after trading began. The index initially climbed to 164,830.55 points, up 363.35 points, or 0.22%, before extending its gains and retreating slightly from its session high.

Initial market data showed the benchmark fluctuating between 164,368.47 and 163,545.69 points during the session.

Positive sentiment across regional markets also supported investor confidence. Asian stocks advanced on Wednesday as renewed optimism surrounding artificial intelligence boosted buying interest ahead of earnings announcements from major US companies.

However, the sharp rise in global oil prices remained a concern. Crude prices climbed after an attack on a refinery in Saudi Arabia, reviving fears of supply disruptions amid the continuing conflict in the Middle East.

Brent crude futures rose by $2.02, or 1.8%, to $115.90 per barrel. US West Texas Intermediate crude gained $2.01, or 2%, to $101.91 per barrel as of 0735 GMT.

Higher international oil prices pose a challenge for Pakistan because the country relies heavily on imported energy. A sustained increase could raise the national import bill and add to domestic inflationary pressures.

Despite these external risks, buying activity helped the local stock market maintain its positive momentum during Wednesday’s trading session.