The Pakistan Stock Exchange (PSX) staged a strong recovery on Friday, climbing more than 1,600 points after starting the session in the red. The index came under pressure after Houthi assaults on Saudi energy facilities pushed crude oil prices higher, weighing on investor sentiment.
However, reports that the six-member Gulf bloc was considering a meeting with Iranian officials next week to discuss the future of the Strait of Hormuz triggered a decline in crude oil prices during the latter part of the session, according to analysts.
The easing in oil prices helped improve market sentiment, allowing the benchmark index to recover and close in positive territory. Market participants responded positively to the diplomatic developments in the region as trading progressed.
The benchmark KSE-100 index closed at 170,511.85 points after a rise of 1,646.81 points, or 0.98%, up from the previous close of 168,865.04 points. Total traded volume stood at 683 million shares, while the traded value reached Rs33.6 billion.