The Pakistan Stock Exchange (PSX) maintained its upward trajectory on the third trading day of the week, Wednesday, buoyed by a confluence of favorable news from both the international and domestic fronts. Despite experiencing some intra-day fluctuations, the benchmark KSE-100 Index closed significantly higher, signaling a renewed surge in investor confidence.

Some key events played a role in energizing the market’s positive sentiment. Internationally, a ceasefire between Israel and Iran resulted in a desirable fall in crude oil prices, soothing fears of energy prices for most countries. Locally, Pakistan received a boost with the approval of $350 million in financing by the Asian Development Bank (ADB), which is expected to bolster the country’s financial stability. Further positive news was received from the government’s green signal for a significant PKR 715 billion for the energy sector, which reaffirms a firm commitment towards vital infrastructure creation and national advancement.

The KSE-100 Index demonstrated robust growth, adding 515 points to close at 122,761.64 points. At one point during the day, the index even surged by an impressive 1010 points, briefly crossing the 123,000-point threshold. However, this peak was met with immediate profit-taking, leading to a temporary dip of 78 points. Despite this, a strong resurgence in sectoral buying during the afternoon session propelled the market back into positive territory, sustaining the day’s upward momentum. Overall, 58.05% of traded shares saw an increase in value, adding a substantial PKR 80.48 billion to the total share capitalization. Other key indices also closed with gains, with the KSE-30 Index rising by 100.90 points to 37,384.76, the KSE All-Share Index increasing by 415.67 points to 76,639.56, and the KMI-30 Index gaining 156.82 points to 182,010.54.

While positive, the overall trading volume for the day was 7% lower compared to Tuesday, with 749.79 million shares changing hands. Trading activity spanned across 472 companies listed on the exchange. Among these, 274 companies recorded an increase in their share prices, 161 experienced a decline, and 37 managed to hold steady, reflecting a broad-based positive sentiment across various sectors. The continued influx of positive news appears to be setting a strong and optimistic tone for the Pakistan Stock Exchange, drawing increased interest from investors.