According to the Pakistan Stock Exchange website, the KSE-100 index gained 245.55 points, or 0.39%, to close at 62,693.56 levels.

The PSX remained in the correction phase on Wednesday as the benchmark KSE-100 Index lost nearly 400 points to settle at 62,448.01.

Last week, the global rating agency Fitch Ratings affirmed Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC’. The rating agency does not assign outlooks to sovereigns with a rating of ‘CCC+’ or below.

“The ‘CCC’ rating reflects high external funding risks amid high medium-term financing requirements, despite some stabilisation and Pakistan’s strong performance on its current Stand-by Arrangement (SBA) with the IMF,” Fitch said in a statement on Wednesday.