PSX gains over 1,100 points on US-Iran peace hopes

KARACHI: The Pakistan Stock Exchange (PSX) extended its upward trend on Wednesday, with the benchmark KSE-100 Index gaining 1,174.46 points, or 0.69%, to reach 172,576.54 by 12:48pm.

The rally was driven by improved investor sentiment following signs of diplomatic progress between the United States and Iran.

Indirect talks between US and Iranian representatives took place through mediators on the sidelines of the United Nations General Assembly in New York. Comments from US President Donald Trump that the discussions were productive further strengthened expectations of a possible diplomatic breakthrough.

The KSE-100 opened higher and had gained 787.31 points, or 0.46%, by 9:33am, reaching 172,189.39.

Buying interest was visible across several major sectors, including automobile assemblers, cement companies, commercial banks, oil and gas exploration firms, oil marketing companies and refineries.

The index touched an intraday high of 172,762.41 and a low of 171,843.50 during the session.

Falling international oil prices also supported market sentiment. Investors assessed the impact of improving regional supply after Saudi Arabia resumed operations at a key oil pipeline.

Expectations of progress toward resolving the US-Iran conflict also reduced concerns about prolonged disruptions to energy supplies from the Gulf region, putting further pressure on global oil prices.

By midday, around 90.66 million shares had changed hands, with the total value of traded shares standing at approximately Rs6.31 billion.