The Pakistan Stock Exchange (PSX) witnessed a strong rally on Wednesday, with the benchmark KSE-100 Index gaining 3,994.62 points, or 2.38%, to close at 172,013.48. The index touched an intraday high of 172,286.99 as investors increased buying across major sectors, including banking, cement, automobiles, fertilisers, oil and gas, and pharmaceuticals.
The rally came as investors assessed the outcome of the US midterm elections and developments in the ongoing Iran conflict. Democrats secured control of both houses of the US Congress, adding uncertainty to global financial markets. Meanwhile, easing international oil prices and hopes of possible negotiations between Washington and Tehran supported investor sentiment. The previous session had also ended positively, with the KSE-100 gaining 1,454.80 points to close at 168,018.87.
Global markets remained under pressure as investors reacted to the US election results. US stock futures declined, while the dollar weakened against major currencies. In the oil market, Brent crude rose 0.8% to $104.42 per barrel, while West Texas Intermediate (WTI) gained 0.5% to $96.59, reversing earlier losses. These developments continued to shape investor sentiment amid uncertainty surrounding geopolitical tensions and global economic conditions.
