KARACHI: Pakistan Stock Exchange (PSX) on Wednesday staged strong recovery with the benchmark index gaining more than 1,500 points as investors tracked regional developments and improving market sentiment.
The benchmark index, KSE-100, gained 1,525.87 points to climb to 178,609.09 points from the previous close of 177,083.22.
During the session, the index touched an intraday high of 179,463.43 points and recorded a low of 178,512.09 points. Trading volume stood at 91.11 million shares.
The positive momentum came amid reports that the United States, Iran and Oman are moving closer to an interim agreement aimed at reopening the Strait of Hormuz. According to reports, Washington is seeking to announce the arrangement on Wednesday.
The proposed deal includes a 60-day temporary arrangement between Oman and Iran regarding operations in the Strait of Hormuz, with the possibility of an extension.
Market participants continued to monitor the diplomatic developments, with expectations that progress on the issue could ease concerns over regional uncertainty and support broader economic sentiment.
