KARACHI: The Pakistan Stock Exchange (PSX) registered gains on Thursday – the first business day after Eid holidays – despite imposition of reciprocal tariff by US President Donald Trump.
The KSE-100 Index initially moved up by 378.66 points to reach 118,185 points during intraday trading. Later, it galloped past 119,000 points amid Prime Minister Shehbaz Sharif’s announcement of major cut in power tariffs for domestic as well as commercial users.
The key index closed at 118,938 after gaining 1,131 points.
On the other hand, the dollar strengthened by 24 paisa in the interbank market. The value of the dollar rose from Rs280.16 to Rs280.40 in the interbank market.
The US president has imposed 29 per cent reciprocal tariff on Pakistan, besides over 180 countries and territories, saying that Islamabad charges 58 per cent tariff on goods imported from the United States.
Trump has unveiled plans for sweeping new import taxes on all goods entering the US, in a watershed moment for global trade. As per new US trade policy, the United States will impose 26 per cent on India, 34 per cent on China, 20 per cent on European Union, 10 per cent tariff on Saudi Arabia, Qatar and Afghanistan.
BULLISH MOMENTUM
The Pakistan Stock Exchange (PSX) resumed trading on next Thursday after almost week-long Eidul Fitr holidays.
Friday is usually the last working day of the week in the PSX but the stocks trade hub remained closed on account of Jumatul Wida.
On Thursday, bullish momentum persisted in the PSX as the benchmark KSE-100 Index hovered at 118,147 after gaining more than 375 points during the early hours.
The lowest figure of the day was 117,551 after which the market bounced back and eventually closed at 117,806 points.
Across-the-board buying was observed in key sectors, including commercial banks, fertiliser, power generation, and oil and gas exploration companies.
ALL-TIME HIGH
On March 21, the PSX was back to its business best as it surpassed 119,000 mark.
The KSE-100 Index at one point rose to 119,405 and the lowest was 118,638. Eventually, the day’s trading activity closed at 118,442 points.
Earlier, the PSX maintained its bullish trend as it reached the all-time high, surpassing 119,000.
The KSE-100 index gained 1,330.22 points and climbed to the new peak of 119,304.24 during intraday trading, witnessing a positive change of 1.13 percent. Later in the day, the key index closed at 118,769.
