KARACHI – The Pakistan Stock Exchange (PSX) plunged more than 8,000 points in a major slump amid ongoing global trade war that has sparked fears of recession.
The development comes as the “Black Monday” bloodbath hit Asian and Gulf markets after tariff blitz as US President Donald Trump’s move has injected turmoil in stock markets.
Earlier, the trading activity at PSX was stopped after the benchmark index plummeted by 6,287.22 points with a negative change of 5.29 percent to drop to 112,504.44 points.
As it reopens, bears continue to hold the charge as it dropped 8,429 points to reach 110,362 points.
Experts have attributed the massive decline to ongoing tariff war between leading global economies involving China, US, Canada and others.
On Friday, the KSE 100-index of turned around to bearish trend, losing 146.45 points and closing at 118,791.66 points.
A total of 553,668,391 shares worth Rs35.492 billion were traded during the day. As many as 457 companies transacted their shares in the stock market, 151 of them recorded gains and 258 sustained losses, whereas the share price of 48 companies remained unchanged.
More to follow…
