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.
