The Pakistan Stock Exchange (PSX) witnessed a positive session on Wednesday, as a late-session buying spree on the back of rupee gaining ground in the open market pushed the benchmark KSE-100 Index higher by over 300 points.

The KSE-100 started the day with dull trading, hitting an intra-day low of 45,460.28.

However, a buying spree was observed later, which helped the market close in the green.

At close, the benchmark index settled at 45,807.58, up by 316.09 points or 0.69%.

“The equity market was positive today [Wednesday] owing to the strengthening of PKR against the greenback both in the interbank and the open market,” brokerage house Ismail Iqbal Securities stated in its daily market report.

Commercial banks, oil and gas exploration companies, and power generation and distribution sectors were the major contributors, according the brokerage house.

On Tuesday, the KSE-100 had endured a dull session, falling by over 200 points on lack of participation from investors.

The Pakistani rupee continued to strengthen against the US dollar in the open-market, and was selling at 318 during trading on Wednesday, as gap with the inter-bank rate narrowed further.

In the inter-bank market, the rupee witnessed a slight recovery against the US dollar to settle at 306.98.

Volume on the all-share index increased to 139.7 million from 123.24 million on Tuesday.

The value of shares rose to Rs4.813 billion from Rs3.689 billion in the previous session.

Kot Addu Power remained the volume leader with 14.23 million shares, followed by Maple Leaf with 12.9 million shares and WorldCall Telecom with 10.6 million shares.

Shares of 307 companies were traded on Wednesday, of which 181 registered an increase, 102 recorded a fall, and 24 remained unchanged.