Positive regional developments lead to a 1500-point rise in the PSX.

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday witnessed a robust comeback as the benchmark index gained more than 1,500 points amid investors tracking regional developments and increasing market mood.

The benchmark index KSE-100 added 1,525.87 points to settle at 178,609.09 points against previous closing of 177,083.22 points.

The index scaled an intra-day high of 179,463.43 points and touched a low of 178,512.09 points in the session. Trading volume was 91.11 million shares.

The good impetus came as news surfaced that the United States, Iran and Oman are edging towards an interim agreement to reopen the Strait of Hormuz. Washington is trying to announce the accord on Wednesday, reports said.

The proposed pact also includes a 60-day temporary arrangement between Oman and Iran on activities in the Strait of Hormuz that may be extended.

Market traders remained tuned on the diplomatic developments, hoping that a breakthrough on the issue could allay fears over uncertainty in the region and buoy wider economic optimism.