Buying continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 3,400 points during the opening minutes of trading on Wednesday.
At 11:55am, the benchmark index was hovering at 157,385.66, up by 3,419.30 points or 2.22%.
Buying interest was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including ARL, HUBCO, PSO, MARI, OGDC, POL, PPL, HBL, MCB and MEBL traded in the green.
“In a historic turn of events, Pakistan is emerging as a potential global peace broker,” said Behtari Capital on Wednesday.
Prime Minister Shehbaz Sharif and Army Chief Field Marshal Asim Munir have reportedly offered Islamabad as a neutral venue for high-stakes talks between the US and Iran to resolve the Middle East crisis.
On Tuesday, PSX ended with moderate gains as thin volumes and profit-taking capped the upward momentum despite supportive global cues and easing geopolitical concerns. The KSE-100 Index closed at 153,966.36 points, gaining 1,225.99 points or 0.80%.
Globally, stocks rose, and oil fell on Wednesday on reports the US is seeking a month-long ceasefire in its war on Iran, and had sent a 15-point plan to Iran for discussion, raising hopes for a resumption of oil exports out of the Persian Gulf.
S&P 500 futures rose 0.9% in the Asian morning, European futures lifted 1.2%, and Brent crude futures fell about 6% to $98.30 a barrel.
Equity markets in Australia, South Korea and Japan rose roughly 2% in morning trade and gold, which investors had been selling to take profit after a long rally, rose 1.6%.
US President Donald Trump said on Tuesday that the US was making progress in negotiating an end to the war, including winning an important concession from Tehran, while a source confirmed that Washington had sent Iran a 15-point settlement proposal.
Israel’s Channel 12, quoting three sources, said the US was seeking a month-long ceasefire to discuss the 15-point plan.
Tehran has denied that direct talks have taken place.
This is an intra-day update
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