Bulls return to PSX, KSE-100 gains over 2,000 points

Positivity returned to the Pakistan Stock Exchange (PSX) on Thursday after the US announced a 90-day pause on several newly imposed tariffs. The benchmark KSE-100 Index settled with a gain of over 2,000 points.

Buying momentum persisted throughout the trading session, pushing the KSE-100 to an intra-day high of 117,484.16.

At close, the benchmark index settled at 116,189.21, an increase of 2,036.06 points or 1.78%.

“This upward trajectory was fueled by a strong rebound in US and other international equity markets, with the index rallying as much as 3,331 points during intraday trading,” brokerage house Topline Securities said in its post-market report.

The gains were predominantly driven by standout performances from key index movers including HUBC, OGDC, LUCK, UBL, and PPL. Collectively, these stocks contributed 633 points to the index.

On Wednesday, selling pressure returned to the PSX amid concerns over a global trade war among investors, with the benchmark KSE-100 settling at 114,153.15, a decrease of 1,379.28 points or 1.19%.

Global stocks rebound

Internationally, Asian shares climbed and a manic bond selloff stabilised on Thursday after US President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries.

Following a days-long market rout that erased trillions of dollars from global stocks and jolted US Treasury bonds and the dollar, Trump on Wednesday announced a 90-day pause on many of his new tariffs in a shock reversal.

But US stock futures and the dollar were left out of Thursday’s relief rally despite an overnight surge on Wall Street, as investors’ confidence in the US administration crumbles and the “sell America” trade heats up.

Nasdaq futures slid more than 1% after a brief rally early in the Asian session, while S&P 500 futures sank 0.75%.

Both indexes had clocked their biggest daily percentage gains in more than a decade during Wednesday’s cash session.

The dollar fell 0.7% against the yen and 0.6% against the Swiss franc, failing to sustain its sharp overnight jump against the two safe haven currencies, highlighting market uncertainty over the longer-term outlook.

In the broader market, Japan’s Nikkei and European futures were among the standout winners of the rally in Asia.

The Nikkei surged 8%, EUROSTOXX 50 futures and DAX futures climbed roughly 8% each, while FTSE futures jumped 5.4%.

Trump’s reversal on the country-specific tariffs is not absolute. A 10% blanket duty on almost all US imports will remain in effect, the White House said. The announcement also does not appear to affect duties on autos, steel and aluminium that are already in place.

He also heaped pressure on China, saying he would raise the tariff on Chinese imports to 125% from the 104% level that came into effect on Wednesday.

Meanwhile, the Pakistani rupee saw slight improvement against the US dollar, appreciating 0.08% in the inter-bank market on Thursday. At close, the currency settled at 280.56, a gain of Re0.22 against the US dollar.

Volume on the all-share index increased to 638.09 million from 448.69 million recorded in the previous close.

The value of shares declined to Rs36.92 billion from Rs26.58 billion in the previous session.

Cnergyico PK was the volume leader with 86.57 million shares, followed by K-Electric Ltd with 57.92 million shares, and Sui South Gas with 44.73 million shares.

Shares of 451 companies were traded on Thursday, of which 347 registered an increase, 63 recorded a fall, while 41 remained unchanged.