KARACHI: A day after shock-stricken bearish return in the stock market triggered by intensified tariff war announced by US President Donald Trump, the Pakistan Stock Exchange (PSX) on Thursday heaved a sigh of relief on the back of a 90-day reprieve on Trump tariffs.
The benchmark KSE-100 index registered gain of over 3,000 points during the opening hours of trade. The index stood at 117,484 points with an increase of 3,300 points.
Extensive buying was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery.
Besides, index-heavy stocks including ARL, HUBCO, PSO, MARI, OGDC, PPL and POL also traded in the green, following the overall bullish trend in the international markets.
“Following international markets trend.. PSX opened up 3,000 pts close to 2.5%” said Mohammed Sohail, CEO of Topline Securities.
It must be remembered that bears returned to the PSX as heavy selling pressure was observed in the market on Wednesday amid concerns over an economic showdown between the US and China, with the benchmark KSE-100 closing at 114,153.15, a decrease of 1,379.28 points.
Global Markets
Globally, Asian shares gained on Thursday after US President Donald Trump said he would temporarily pause the imposition of heavy tariffs on dozens of countries, an unexpected announcement he made within 24 hours of slapping tariffs on several countries.
Trump tariffs sent shockwaves among trading partners of the US, cratering stock markets, increasing risks of global recession and prompting retaliatory duties from China and the European Union (EU).
In his characteristic mercurial style, Trump said he would further raise the tariff on Chinese imports to 125pc from the 104pc level that took effect at Wednesday midnight, adding that he would lower duties on other countries.
