PSX rebounds, gains 641 points

It touched the intra-day high of 165,629.35 and low of 164,060.34.

Earlier, the market opened on a cautious note, with the index rising to 165,032.13, gaining 255.69 points, or 0.16%, by 9:33 am.

However, continuous fluctuations pushed it into negative territory and the bourse hit 164,770.12 at 12:38 pm, down 6.32 points.Sentiment remained subdued amid political uncertainty following the imposition of governor's rule in Khyber-Pakhtunkhwa.

Selling pressure was evident across key sectors; however, fresh buying of index-heavy stocks of banking, oil and gas, and power sectors supported the recovery and helped the market close in the black.

Internationally, oil prices climbed after two vessels were struck in the Strait of Hormuz and Iranian officials announced new tactics to target ships as Tehran sought to keep oil prices high ahead of US midterm elections.KTrade Securities wrote in its market wrap that the KSE-100 index gained 641 points (+0.4%) as oil prices remained stable near $106/barrel and the absence of fresh negative news improved investor sentiment.

Despite early gains and subsequent profit-taking, renewed buying towards the close helped the market recover and finish firmly in the green, reversing the previous day's trend.Support came from commercial banks, investment banks, cement, fertiliser and refinery stocks, with Engro Holdings, Lucky Cement, Fauji Fertiliser, Bank AL Habib and NBP among the key contributors.

Meanwhile, Cnergyico Pk, K-Electric, The Bank of Punjab and TRG Pakistan led individual stock volumes, with total turnover remaining subdued around 150 million shares.KTrade said low volumes reflected caution due to high oil prices, geopolitical uncertainty and currency concerns, while sustained buying and higher turnover were needed to maintain momentum.

"Limited positive activity was observed at the PSX, driven primarily by buying interest in the refinery sector, although overall market participation remained subdued.

Investors maintained a cautious stance amid a lack of fresh triggers and persistent geopolitical uncertainty," commented JS Global analyst Nawaz Ali.Arif Habib Limited Deputy Head of Trading Ali Najib said value buying and institutional participation in select stocks drove the recovery, lifting the KSE-100 above 165,000.

Oman and Iran concluded discussions on a proposed Hormuz deal, but final arrangements depended on US-Iran talks and other outstanding issues, Oman's foreign minister said.

Engro Holdings, Lucky Cement, Fauji Fertiliser, Bank AL Habib and NBP collectively contributed 382 points to the index's gains, while MCB, Hub Power, Pakistan Oilfields, PTCL and National Foods eroded 134 points.Najib said the KSE-100's recovery above 165,000, alongside improved volumes, may offer near-term support, though US-Iran tensions, high oil prices and domestic political uncertainty could fuel volatility and restrict gains.Overall trading volumes jumped to 585.9 million shares against Tuesday's….

The value of traded shares stood at Rs20 billion.