The Pakistan Stock Exchange staged a strong rally on Wednesday, with the benchmark KSE-100 index breaking above the psychological 170,000-point level. At 1:19pm the index was trading at 170,585.81, up 2,566.95 points or 1.53%, from the previous close of 168,018.86.
According to sources, trading opened on a positive note, and by 10am the index had already gained more than 1,700 points to 169,726. It touched an intraday high of 170,695.39 points.
Investor confidence was lifted mainly by the outcome of the US midterm elections, in which Democrats won control of both the Senate and the House of Representatives. Traders are betting that Washington's approach to the war with Iran could shift and that diplomacy may ease regional tensions.
International oil prices, meanwhile, rebounded after early losses. Brent crude rose 76 cents to $104.36 a barrel and US West Texas Intermediate gained 63 cents to $96.72, as worries about supply disruption around the Strait of Hormuz persisted.