KSE-100 sheds nearly 800 points amid selling pressure
At 2:55pm, the benchmark index was hovering at 132,619.72 level, a decrease of 783.47 points or 0.59%.
Selling was seen in key sectors including commercial banks, fertilizer, oil and gas exploration companies and refinery. Index-heavy stocks including ARL, NRL, MARI, OGDC, PPL, POL, MCB, MEBL and UBL traded in the red.
On Tuesday, the PSX witnessed a volatile trading session as the market swung sharply between gains and losses before settling almost flat at 133,403.19 points, a modest increase of 33 points or 0.02%.
Globally, the US dollar traded close to a 2-1/2-week high versus major peers on Wednesday while copper hit an all-time peak overnight after US President Donald Trump broadened his global trade war by threatening a 50% tariff on the metal.
Trump also said levies on semiconductors and pharmaceuticals were coming soon, weighing on Wall Street on Tuesday, with futures indicating further weakness there on Wednesday.
However, stock markets around the Asia-Pacific were mixed, as investors digested Trump's latest, shifting trade salvos. Japan and South Korea are among major U.S. trading partners in the region facing an August 1 deadline to reach a trade deal or be subjected to new tariff rates, although Trump has sent mixed signals on how flexible that date is.
On Monday, Trump said it was 'firm, but not 100% firm,' reinforcing the view among some in markets that the deadlines are a negotiating tactic that the US president will ultimately back away from. On Tuesday though, Trump appeared to harden his stance by saying, 'No extensions will be granted.'
Japan's Nikkei edged down 0.2%, shedding early small gains. Australia's stock index declined 0.4%, and Hong Kong's Hang Seng lost 0.9%.
At the same time, mainland Chinese blue chips rose 0.2%, and South Korea's KOSPI climbed 0.5%.
US S&P 500 futures eased 0.1%, following a 0.1% loss for the cash index on Tuesday that extended the 0.8% drop that started the week.
This is an intra-day update
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
39 minutes ago
- Business Recorder
Indian rupee likely to open slightly higher, tracking Asia; Trump tariff impact muted
MUMBAI: The Indian rupee is likely to open marginally higher on Thursday, supported by the uptick in Asian peers and muted reaction to U.S. President Donald Trump's latest tariff announcements. The 1-month non-deliverable forward indicated the rupee will open at 85.60-85.62 compared with 85.6725 in the previous session. The rupee has fluctuated between 85.30 and just below 86 over the past week, testing both sides of its recent range. In recent sessions, the rupee has been 'choppy within a well-defined range,' a currency trader at a private bank said. 'The consensus trade right now—both among corporates and interbank—is to buy USD/INR near 85.20–85.40 and sell near 85.90–86.10,' the trader said. 'It makes sense when you consider that there have been no major trigger points.' Trump's tariffs Investors largely shrugged off U.S. President Donald Trump's latest tariff salvo. Having already announced a 50% tariff on copper imports, Trump said the levies would take effect from August 1. Further, he threatened a punitive 50% tariff on Brazil's exports to the United States, while issuing tariff notices to seven smaller trading partners. Asian currencies and shares rose, indicating waning market sensitivity to Trump's tariff moves. The dollar index inched lower. Meanwhile, minutes of the Federal Reserve's June meeting showed narrow support for rate cut later this month. Most participants at the Fed's meeting did anticipate rate cuts would be appropriate later this year, with any price shock from tariffs expected to be 'temporary or modest'. MUFG Bank noted that, looking ahead, the market's attention may shift toward the Fed's policy path, which will be key to shaping the dollar's trajectory.
Business Recorder
39 minutes ago
- Business Recorder
Indian shares set for higher open on trade, earnings optimism
India's stock benchmarks are poised to open higher on Thursday, supported by expectations of a trade deal with the United States and optimism over June-quarter corporate earnings. The Gift Nifty futures were trading at 25,558.5 points, as of 7:35 a.m. IST, indicating that the Nifty 50 will open above Wednesday's close of 25,476.1. Asian markets inched higher at the open, chiming with overnight gains on Wall Street after U.S. President Donald Trump issued final tariff notices to seven minor trading partners. Investors await further developments as the Trump administration moves closer to a deal with its largest trading partner, the European Union. Earlier this week, the U.S. President also indicated that a deal with India was near. Both the Nifty and Sensex indexes have remained stable so far this week. 'It appears that markets are in wait-and-watch mode, seeking clarity from U.S. trade tariff developments and the start of the corporate earnings season, the key near-term directional triggers,' said Rajesh Bhosale, analyst at Angel One. As investors await an India-U.S. trade deal, focus is shifting to domestic earnings and structural growth drivers such as a likely rebound in urban demand and rising infrastructure-led spending, two analysts said. Tata Consultancy Services, India's top information technology company, is scheduled to report its June-quarter results after market hours on Thursday.
Business Recorder
an hour ago
- Business Recorder
Gold edges higher on softer dollar, trade war intensifies
Gold prices edged higher on Thursday, helped by a slight retreat in the dollar and bond yields, while investors kept a close tab on trade negotiations as U.S. President Donald Trump broadened his tariff war. Spot gold rose 0.3% to $3,322.46 per ounce by 0157 GMT. U.S. gold futures were up 0.3% at $3,331. Trump launched his global tariff assault into overdrive on Wednesday, announcing a new 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both to start on August 1. Trump also issued tariff notices for seven minor trading partners on Thursday, adding to 14 others issued earlier in the week, including South Korea and Japan, with 25% levies set to take effect on August 1 unless agreements are reached. Meanwhile, Trump said trade talks have been going well with China and the European Union, which is the biggest bilateral trading partner of the U.S. 'The market impact of tariffs seems to lessen with each new headline. Tariff fatigue is here, and traders need a new catalyst to awaken volatility from its lull,' said Matt Simpson, a senior analyst at City Index. The U.S. dollar index edged down 0.3%, while the yield on benchmark 10-year U.S. Treasury notes retreated from a three-week high. Lower yields reduce the opportunity cost of holding non-yielding bullion, while a weaker dollar makes gold cheaper for holders of other currencies. Minutes of the Federal Reserve's June 17-18 meeting showed that only 'a couple' of Fed officials believed interest rate cuts could happen as early as this month, with most favouring reductions later this year due to inflation concerns tied to Trump's tariff policies. The Federal Open Market Committee unanimously voted to hold rates steady at its June meeting, with the next policy meeting scheduled for July 29-30. Spot silver edged up 0.2% to $36.41 per ounce, platinum fell 0.3% to $1,343.22 and palladium inched up 0.1% to $1,106.25.
