PSX Soars as Global Markets React to US Tariff Ruling

The Pakistan Stock Exchange (PSX) experienced a surge, mirroring a global rally triggered by a US court’s decision to halt President Donald Trump’s tariffs. The benchmark KSE-100 Index jumped over 900 points in early trading on Thursday.

At 10:50am, the KSE-100 Index reached 119,239.74, reflecting an increase of 906.84 points, or 0.77%.

Widespread buying activity was evident across several key sectors, including automobile manufacturing, cement, commercial banking, oil and gas exploration, oil marketing companies (OMCs), and power generation. Major stocks such as HUBCO, MARI, OGDC, PPL, SNGPL, SSGC, MCB, MEBL, and NBP all showed positive movement.

Previously, on Tuesday, the PSX saw a modest recovery driven by pre-budget speculation and expectations of real estate incentives in the upcoming federal budget, which boosted cement stocks.

The KSE-100 index had gained 112 points, or 0.09%, to close at 118,333 points. Trading was closed on Wednesday for the Yaum-e-Takbeer holiday.

Across the globe, Asian markets and Wall Street futures rose on Thursday following the US court’s ruling against President Trump’s tariffs, causing the dollar to rise against safe-haven currencies.

The Court of International Trade, based in Manhattan, determined that Trump exceeded his authority by imposing broad tariffs on imports from countries with trade surpluses with the United States.

The White House has appealed the ruling and may pursue the matter to the Supreme Court. The decision offered a glimmer of hope that Trump might reduce the high tariff levels he had previously threatened.

Investors responded positively, with Japan’s Nikkei rising by 1.7% and South Korean stocks climbing 1.2% to a nine-month high.

MSCI’s index of Asia-Pacific shares excluding Japan increased by 0.3%, while Chinese blue chips rose by 0.5%.

The positive trend extended worldwide, with EUROSTOXX 50 futures increasing by 1.1%, FTSE futures by 0.7%, and DAX futures by 0.9%.

S&P 500 futures rose by 1.6%, and Nasdaq futures increased by 1.9%, boosted by Nvidia’s strong earnings report, which surpassed sales projections.

The chipmaker also projected strong revenues for the current quarter, causing its shares to rise by 4.4% in after-hours trading.

This information reflects intraday market activity.