According to the PSX website, the KSE-100 index closed at 113,836.74 levels at 11:32am after shedding 658.96 points.

The local bourse witnessed a consolidation phase on Wednesday, characterised by “notable volatility”, the Topline Securities said in its report. The benchmark index reached an intraday high of 969 points and a low of 505 points before closing at 114,945, marking a decline of 308 points.

“This reflects cautious investor sentiment amidst mixed market signals. In the power sector, HUBC drew significant investor interest following news of the federal cabinet’s approval of revised agreements with 14 Independent Power Producers,” it said.

Moreover, the government increased the petrol and diesel prices by Rs3.47 and Rs2.61 respectively.