PSX halted amid major selling pressure

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MG News | April 07, 2025 at 11:59 AM GMT+05:00

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April 07, 2025 (MLN): In the backdrop of major selling pressure, the Pakistan Stock Exchange (PSX) has halted as the KSE30 index bled by 5% while the benchmark KSE-100 Index plunged by 6,287.22 points or 5.29% to trade at 112,504.44 at 11:57 AM. 

Top losers were DGKC (-10.00%), MLCF (-10.00%), SRVI (-10.00%), PAEL (-10.00%), and UNITY (-9.70%).

In terms of index-point contributions, companies that dragged the index lower were UBL (-425.09pts), OGDC (-400.22pts), MARI (-394.35pts), PPL (-373.69pts), and MEBL (-346.11pts).

Sector-wise, KSE-100 Index was let down by Commercial Banks (-1385.12pts), Oil & Gas Exploration Companies (-1333.02pts), Cement (-646.11pts), Power Generation & Distribution (-426.41pts), and Inv. Banks / Inv. Cos. / Securities Cos. (-384.88pts).

This drop mirrored the ongoing global market turbulence, driven by concerns over U.S. President Donald Trump's aggressive tariff stance.

Last week, the United States significantly raised tariffs on Pakistani exports, increasing rates from 4-5% to 29% under its reciprocal trade policy.

President Donald Trump announced the move as part of a broader strategy to address trade imbalances with multiple countries.

Under the new policy, Pakistan will now face a 29% tariff, mirroring its 58% tariff on US goods, as cited by the administration.

The baseline 10% tariff took effect on April 5, 2025, with additional rates applied to countries imposing higher trade barriers on American exports.

Internationally, equities fell sharply in response to Trump's Tariff announcements. 

 

Copyright Mettis Link News

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