KARACHI: Positivity returned to the Pakistan Stock Exchange (PSX) following advancements on the economic landscape, notably over the circular debt settlement, as the benchmark KSE-100 jumped around 500 points during the trading session on Wednesday.
Reaching an intra-day peak of 62,399.53, the benchmark index experienced a slight pullback due to recent political developments. Nevertheless, by 11:30 am, the index rebounded, hovering around 62,283.84, reflecting an uptick of 442.10 points or 0.72%.
Index-heavy stocks such as Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) were trading positively. Experts stated that the return of positivity comes amid reports of the resumption of the circular debt by the caretaker government, which is driving the index-heavy energy sector stocks up.
Meanwhile, the caretaker cabinet had approved reorganization and digitization of the Federal Board of Revenue (FBR) following the recommendations of the inter-ministerial committee led by the finance minister were presented.
