KSE-100 jumps 3,994 points to close at 172,013

The KSE-100 Index closed at 172,013.48 on Wednesday, up 3,994.62 points or 2.38%, as institutional buying and expectations of lower oil prices lifted the Pakistan Stock Exchange.

The benchmark crossed the 170,000-point mark in the morning, dipped briefly around 11am, then resumed its climb and approached an intraday high of 172,286.99 late in the session.

The close followed Tuesday's rise of 1,454.80 points, or 0.87%, when the index settled at 168,018.87.

Sana Tawfik, Head of Research at Arif Habib Limited, told Business Recorder that the buying came mainly from institutions, particularly mutual funds. She said oil prices had risen to around $103 and stabilised at that level, which helped sentiment. She cited two geopolitical factors: unofficial US election numbers showing a visible shift, and US-Iran talks, where Washington has sent a draft.

Saad Hanif, Head of Research at Ismail Iqbal Securities, said investors read a Democratic sweep as positive for regional geopolitics, expecting a more measured approach from Washington and a stronger preference for negotiation over confrontation. That outlook fed expectations of lower global oil prices and easing inflation, he said.

Buying was reported in automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refineries. Index-heavy stocks including ARL, HUBCO, MARI and OGDC were traded.

Globally, US stock futures slumped on Wednesday as Democrats notched early Senate wins. Roy Cooper defeated Michael Whatley in North Carolina, and Jon Ossoff won re-election in Georgia. Democrats were favoured to capture the House while the Senate remained contested. S&P 500 futures slid 0.8% and Nasdaq futures fell 1.8%; the yield on the 10-year Treasury fell 6 basis points to 4.906%.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5%, South Korea's KOSPI slid 1.6% and Japan's Nikkei fell 3%.