Foreign investors still selling Turkish papers
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Pakistan’s benchmark KSE-100 index plunged 3.27% to close at 114,909.48 on April 7, as the Pakistan Stock Exchange (PSX) tracked a global equity selloff sparked by new US tariffs, the Press Trust of India reported.
Trading was halted for an hour after the index suffered an intraday drop of over 8,000 points. By 11:58am, the KSE-100 had fallen 6,287.22 points, or 5.29%, triggering circuit breakers aimed at curbing panic and allowing investors to reassess during sharp market swings, said Uzma Khan of Arif Habib Securities.
After trading resumed, the index extended losses, plunging by a cumulative 8,687.69 points, or 7.31%, to 110,103.97 by 1:15pm, before partially recovering by the close, according to the Press Trust of India.
Last week, US President Donald Trump imposed a 29% tariff on goods the US imports from Pakistan. Analysts suggested that these tariffs could disrupt Pakistan’s trade by slowing down its exports to the US.
Pakistan’s textile sector could be heavily impacted by these tariffs as the US remains a key destination for Pakistani exports, with the textile sector dominating trade between the two countries.
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