PSX gains 1,900 points during intraday trade, maintaining renewed buying

The Pakis­tan Stock Exchange (PSX) on Wednesday maintained its renewed bullish momentum as the market gained over 1,900 points during intraday trade.

The benchmark KSE-100 index gained 1,934.74 points or 1.19 per cent to stand at 164,831.42 points at 3:44pm from the previous close of 162,896.68.

The gains came a day after PSX snapped a seven-session losing streak, gaining 1,091.66 points as buying interest returned to the market.

The market sentiment remained buoyant amid encouraging developments in the ongoing negotiations between the US and Iran, easing geopolitical concerns.

Additionally, a slight decline in international oil prices provided further comfort to investors by easing inflationary worries and strengthening expectations of macroeconomic stability.

Last week, investor sentiment remained depressed amid a lack of tangible progress in the US-Iran negotiations, while concerns over the fragile situation in the Strait of Hormuz fuelled fears of further disruption to global oil supplies.