ISLAMABAD: Pakistan stocks closed at 115,532, gaining 623 points (0.54 percent) on Tuesday, a day after the Pakistan Stock Exchange fell to an intraday low of 8,687 points, the largest intraday point-wise drop in PSX history.
Major stock indexes plunged on Monday after US President Donald Trump announced tariffs on goods imported from the rest of the world, saying a 10 percent tariff on all nations and much higher rates of up to 50 percent on individual countries will boost the US economy and protect jobs.
“In line with the global trend, the market saw a recovery,” Topline Securities said in its daily market review. “A total of 526 million shares were traded, with a turnover of Rs 33 billion.”
Major stock markets jumped on Tuesday after three days of heavy selling while US Treasury yields rose for a second day as investors were optimistic that Washington might be willing to negotiate on some of its aggressive tariffs. Oil prices rebounded as well, helping lift energy shares. European shares also rose from 14-month lows on Tuesday after four straight sessions of heavy selling, although investors’ mood remained sensitive to tariff-related developments. Britain’s main indexes also recovered from their lowest levels in more than a year, as investors looked for any indication of Washington softening its stance on the aggressive tariffs that have roiled global markets over the last few days.
Pakistan is sending a commerce ministry team to negotiate a 29 percent tariff on Pakistani goods announced by Washington last week.
