PSX triggers market halt after 6,700-point surge on Iran war easing hopes

The Pakistan Stock Exchange maintained strong momentum on Wednesday, with the benchmark KSE-100 index jumping 6,768.25 points, or 4.55 per cent, to close at 155,511.56, up from the previous session’s 148,743.31.

The market remained volatile during trading, opening at an intraday low of 151,262.76 points before accelerating sharply and climbing by as much as 8,603.86 points to reach an intraday high of 157,347.17 at 1:13pm.

The rally was driven by gains in index-heavy stocks, including United Bank Limited, Lucky Cement Limited, Fauji Fertiliser Company Limited, Habib Bank Limited, and Meezan Bank Limited, which together contributed 2,328 points to the benchmark index.

According to Topline Securities Ltd, the gains reflected a “strong rebound in market sentiment”.

“The upward trend was largely supported by declining international oil prices, which bolstered investor confidence. Furthermore, positive performance in global equity markets provided additional impetus to the bullish momentum,” it added.

Among the most actively traded shares, K-Electric Limited rose 4.79 per cent to Rs7.22 on a volume of 78,566,008 shares, Bank of Punjab gained 7.24 per cent to Rs26.52 with 49,505,656 shares traded, while Cnergyico PK Limited advanced 6.27 per cent to Rs6.95 on 38,009,642 shares.

On the gainers’ board, Mitchells Fruit Farms Limited (Right) led the advances, rising 14.27 per cent to Rs8.01, followed by Power Cement (Pref), up 10.03 per cent to Rs19.31, and Reliance Insurance Company Limited, which increased 10.02 per cent to Rs17.79.

On the losing side, Supernet Technologies Limited fell 10 per cent to Rs149.97, 786 Investments Limited declined 10 per cent to Rs50.60, and The Pakistan Credit Rating Agency Ltd shed 9.99 per cent to Rs32.63.

The surge builds on Tuesday’s recovery, when the KSE-100 index had climbed by 1,900.34 points after a sharp sell-off earlier in the week.