The market began the day with a surge of 547 points, pushing the index to 93,903 points.

As investor confidence grew, the market continued its upward momentum, reaching a peak of 94,217 points with a gain of 816 points at one point.

By 12 PM, the KSE-100 index had risen by 799 points, reaching 94,154 points.

This follows a strong start to the business week, where the index had already crossed the 94,000 mark.

Ealier, Pakistan Stock Exchange (PSX) on Wednesday entered a consolidation phase after breaking many all-time high records in recent weeks and closed with a modest gain of 131 points on investor interest mainly in second and third-tier stocks.

The KSE-100 index oscillated between the high of 93,804 points and low of 92,943 points, before closing the day with some recovery, driven by a robust car sales data and easing fears of a mini-budget announcement. It came despite hefty stock selling by foreign investors.

In the morning, the market was pulled down to the intra-day low by profit-taking, however, it soon recovered owing to buying interest in selected stocks, which took the index into the positive territory.

"Stocks showed some recovery on the back of second and third-tier shares because of their strong valuations," said Ahsan Mehanti, MD of Arif Habib Corporation.

"Upbeat data of car sales that surged 112% year-on-year in October and FBR's assurance to the IMF about dropping contingency measures for a mini-budget played the role of catalysts in positive close at the PSX," he said.

At the close of trading, the benchmark KSE-100 index recorded an increase of 130.86 points, or 0.14%, to 93,355.43.

Topline Securities, in its review, wrote that trading activity remained strong throughout the day, with 806 million shares changing hands, valuing at Rs31 billion.

It said the market exhibited a consolidation phase, with the KSE-100 index reaching the peak of 93,804 and dipping to the low of 92,943, before settling at 93,355, up 131 points.

Notably, consistent buying by mutual funds supported the market in the recent rally.

The index was boosted by positive contribution from Mari Petroleum, Lucky Cement, The Searle Company, Engro Corp and Pakistan Oilfields, which collectively added 461 points.

Conversely, Oil and Gas Development Company, Fauji Fertiliser Company and Meezan Bank experienced some profit-taking, resulting in a combined loss of 213 points, Topline added.

In its research report, AHL commented that Wednesday's trading session was unpredictable, with the KSE-100 index consolidating within the 92,000-94,000 range.

A total of 40 stocks rose, while 57 declined. Among the top contributors to the index gains were Mari Petroleum (+7.07%), Lucky Cement (+2.89%) and The Searle Company (+10%), it said.

Among corporate developments, Bank Alfalah (-0.01%) withdrew its buy offer for Samba Bank (-9.13%) after Saudi National Bank terminated the process of selling its 84.51% shareholding in Samba Bank, AHL reported.

In addition, Rousch Power approved a negotiated settlement to end its power purchase agreement, which was originally due to expire in 2032, and receive payments till the end of December 2024, AHL added.

JS Global analyst Mubashir Anis Naviwala wrote that initially the market experienced some consolidation, with the index reaching the intra-day low of 92,943.

However, he said, bulls took charge and the market began to recover, hitting the high of 93,803 points. The KSE-100 index ultimately closed at 93,355, gaining 131 points.

Overall trading volumes increased to 807.1 million shares compared with Tuesday's tally of 792.9 million. The value of shares traded during the day was Rs31.7 billion.

Shares of 450 companies were traded. Of these, 196 stocks closed higher, 191 fell and 63 remained unchanged.

WorldCall Telecom was the volume leader with trading in 43.3 million shares, losing Rs0.01 to close at Rs1.26.

It was followed by Waves Home Appliances with 33.2 million shares, gaining Rs0.90 to close at Rs8.79, and Pakistan Refinery with 31.5 million shares, remaining unchanged at Rs26.88.

During the day, foreign investors sold shares worth a net Rs1.39 billion, according to the NCCPL.