PSX hits 158,224 as early session sees strong rally
Business
PSX opened strong as oil prices stayed below $90, with KSE-100 surging over 2,000 points early, then narrowing gains amid market volatility and global supply concerns.
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) opened Wednesday on a positive note as oil prices remained below $90 per barrel, easing concerns over potential supply disruptions.
In the early session, the KSE-100 index surged by 2,047.87 points, climbing to 158,224.99, marking a 1.31% gain over the previous close of 156,177.12 points.
However, the bullish momentum weakened as the session progressed, and gains narrowed to 1,587 points, reflecting ongoing volatility in the market.
Meanwhile, oil prices seesawed on Wednesday after the Wall Street Journal reported the International Energy Agency has proposed the largest release of oil reserves in its history to offset supply disruptions stemming from the war on Iran.
Brent futures traded up 11 cents, or 0.13% higher, at $87.91 a barrel at 0129 GMT. U.S. West Texas Intermediate (WTI) traded 7 cents higher and was last up 0.08%, at $83.52 a barrel.
