Bulls return to bourse, KSE-100 settle at new record high
At close, the benchmark index settled at 133,782.34 level, a gain of 1,205.36 points or 0.91%.
The bullish momentum continued amid improved economic indicators.
In a historic economic milestone, Pakistan recorded its highest-ever home remittance inflows, exceeding $38 billion during the last fiscal year FY25.
This unprecedented surge is credited to robust policy measures and sustained efforts by the federal government and the State Bank of Pakistan (SBP) to channelise remittances through formal avenues.
On Wednesday, the PSX witnessed a sharp correction as investors opted to book profits following the market's recent record-breaking rally.
The benchmark KSE-100 Index dropped by 826 points or 0.62% to settle at 132,577 points.
Internationally, Asian stocks rose slightly on Thursday, riding on optimism from Nvidia's brief rise to a world-record $4 trillion valuation and as investors largely shrugged off US President Donald Trump's latest tariff salvos.
US copper futures widened their premium to the London benchmark overnight after Trump announced plans to impose a 50% tariff on copper. He later said on Wednesday the levies would come into effect on August 1.
Trump also turned his trade ire against Brazil on Wednesday as he threatened a punitive 50% tariff on exports to the US and issued tariff notices to seven minor trading partners.
The latest moves did little to rattle markets, leaving MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2%.
The Nikkei fell 0.56%, while China's CSI300 blue-chip index rose 0.2% and Hong Kong's Hang Seng Index added 0.1%.
EUROSTOXX 50 futures gained 0.18% and FTSE futures advanced 0.33%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
3 hours ago
- Business Recorder
Macron calls on EU to ‘defend European interests' in US tariff talks
PARIS: French President Emmanuel Macron on Saturday condemned US President Donald Trump's threat to impose 30-percent tariffs on the European Union, calling on the bloc to 'resolutely defend European interests'. US President Donald Trump on Saturday warned that Mexico and the EU would be slapped with 30-percent tariffs starting on August 1, raising the stakes in already tense negotiations with two of the largest US trading partners. Expressing France's 'very strong disapproval' of the announcement, Macron called on the bloc to 'step up the preparation of credible countermeasures by mobilising all instruments at its disposal' if the two sides failed to reach agreement by August 1. France's Macron calls tariffs imposed by powerful countries a form of 'blackmail' 'France fully supports the European Commission in the negotiation that will intensify to reach a mutually acceptable agreement by August 1, so that it reflects the respect that trade partners such as the European Union and the United States owe each other,' he wrote on social media. Earlier Saturday, European Commission chief Ursula von der Leyen hit out at the new tariffs threatened by Trump, but said the EU still sought a deal to avert the measures.
Business Recorder
8 hours ago
- Business Recorder
Trump says Mexico, EU to face 30% tariff from Aug 1
WASHINGTON: President Donald Trump on Saturday said major US trading partners Mexico and the European Union would face a 30 percent tariff starting next month, ramping up pressure for deals in his trade wars. Both sets of duties would take effect August 1, Trump said in separate letters posted to his Truth Social platform, citing Mexico's role in illicit drugs flowing into the United States and a trade imbalance with the EU respectively. Since returning to the presidency in January, Trump has unleashed sweeping tariffs on allies and competitors alike, roiling financial markets and raising fears of a global economic downturn. But his administration is coming under pressure to secure deals with trading partners after promising a flurry of agreements. So far, US officials have only unveiled two pacts, with Britain and Vietnam, alongside temporarily lower tit-for-tat duties with China. Trump puts 35% tariff on Canada, eyes 15%-20% tariffs for others The fresh duties for Mexico announced by Trump would be higher than the 25 percent levy he imposed Mexican goods earlier this year, although products entering the United States under the US-Mexico-Canada Agreement (USMCA) are exempted. 'Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough,' Trump said in his letter. 'Starting August 1, 2025, we will charge Mexico a Tariff of 30% on Mexican products sent into the United States.' Canada earlier received a similar letter setting out 35 percent tariffs on its goods. A US official earlier told AFP that the USMCA exemption was similarly expected to remain for Canada. The EU tariff is also markedly steeper than the 20 percent levy Trump unveiled in April, as negotiations with the bloc continue. The EU, alongside dozens of other economies, had been set to see its US tariff level increase from a baseline of 10 percent on Wednesday, but Trump pushed back the deadline to August 1 just days before the elevated rates were due to take effect. Since the start of the week, Trump has sent out letters to more than 20 countries with updated tariffs for each. Brussels said Friday that it was ready to strike a deal with Washington to prevent the return of 20 percent levies, and the latest letter suggests talks will carry on. The EU has prepared retaliatory duties on US goods worth around 21 billion euros after Trump also slapped separate tariffs on steel and aluminum imports earlier this year, and they are suspended until July 14. European officials have not made any move to extend the suspension but could do it quickly if needed.
Express Tribune
19 hours ago
- Express Tribune
Talks with Chinese FM 'positive': Rubio
Listen to article US Secretary of State Marco Rubio said on Friday he had "positive and constructive" talks with Chinese Foreign Minister Wang Yi, as the two major powers vied to push their agendas in Asia at a time of tension over Washington's tariff offensive. The top US diplomat was in Malaysia on his first Asia trip since taking office, seeking to stress the US commitment to the region at the East Asia Summit and ASEAN Regional Forum, where many countries were reeling from a raft of steep US tariffs announced by US President Donald Trump this week. Rubio had his first in-person talks with China's foreign minister, which came after Beijing warned Washington against reinstating hefty levies on its goods next month and threatened retaliation against nations that strike deals with the US to cut China out of supply chains. Wang sharply criticised Washington during talks with Asian counterparts in Malaysia, calling the US tariffs "typical unilateral bullying behavior". But both sides described their bilateral meeting as positive and constructive on Friday. Rubio said the odds of Trump meeting Chinese President Xi Jinping were high. "We're two big, powerful countries, and there are always going to be issues that we disagree on. I think there's some areas of potential cooperation and I thought it was a very constructive, positive meeting, and a lot of work to do," he told reporters. Rubio emphasised that his sit-down with Wang was not a negotiation, but rather about establishing a constructive baseline to continue talks. Rubio noted Trump had been invited to visit China, and added: "It's a visit he wants to undertake, and so we'll work on finding the right date for that, but I'm sure it'll happen because the president — both presidents — want it to happen." "We have to build the right atmosphere and build ... deliverables, so that a visit isn't just a visit, but it actually has some takeaways from it that are concrete," he said. China's Foreign Ministry said Wang had emphasised that both countries should translate consensus reached by their leaders into policies and actions. "Both sides agreed that the meeting was positive, pragmatic and constructive," it said. Rubio's visit was part of an effort to renew US focus on the Indo-Pacific region and look beyond conflicts in the Middle East and Europe that have consumed much of the administration's attention since Trump's return to office in January. But this was overshadowed by this week's announcement of steep US tariffs on imports from many Asian countries and US allies, including 25% targeting Japan, South Korea and Malaysia, 32% for Indonesia, 36% for Thailand and Cambodia and 40% on goods from Myanmar and Laos.
