The Pakistan Stock Exchange continued to recover on Tuesday, a day after plunging by more than 8,000 points during intraday trade.
The benchmark KSE-100 index gained 1,349 points or 1.17% to reach 116,258.52 points around 10:34AM on fresh buying from institutions and high net worth individuals.
The stock market rallied after Asian markets recovered from Monday's meltdown which surfaced following imposition of tariffs by the United States which triggered trade war, especially with China.
The market recovered on hopes the government might secure some arrangement to lower the tariff on Pakistan. U.S. Secretary of State Marco Rubio spoke on Monday with Pakistani Deputy Prime Minister Ishaq Dar.
They discussed U.S. reciprocal tariffs on Pakistan and how to make progress toward a fair and balanced trade relationship. The secretary raised prospects for engagement on critical minerals and expressed interest in expanding commercial opportunities for U.S. companies.
Commenting on the recovery, Muhammad Awais Ashraf from AKD Securities said, "Yesterday's panic was unjustified given the positive consequences of global tariff war for Pakistan due to lower tariff rates for us in comparison to competitors and lower commodity prices."
Comments
See what people are discussing