A day after witnessing the biggest single-day decline of over 3,500 points, the Pakistan Stock Exchange (PSX) rebounded in emphatic fashion with the benchmark KSE-100 Index gaining nearly 4,700 points, its largest ever single-day point-increase on record, to settle above the 99,000 level for the first time.
Bulls made a roaring comeback from the get-go as investors rejoiced over a decline in political turmoil as Pakistan Tehreek-e-Insaf (PTI) ended its three-day protest in Islamabad following a law enforcement crackdown.
During trading, the KSE-100 hit an intra-day high of 99,549.81.
At close on Wednesday, the benchmark index settled at 99,269.25, an increase of 4,695.09 points or 4.96%.Trump, a day after he pledged new levies on Canada, Mexico and China.
Japan’s Nikkei was a stand-out underperformer again on Wednesday, declining 0.9%.
The autos sector was the worst-performing industry group on the Tokyo Stock Exchange, dropping more than 3% as both the threat of tariffs and the drag of a stronger yen weighed on the profit outlook.
Mainland Chinese blue chips sank 0.4%, although Hong Kong’s Hang Seng managed a 0.1% rise.
MSCI’s broadest index of Asia-Pacific shares drooped 0.1%.
Meanwhile, the Pakistani rupee recorded a marginal decline against the US dollar, depreciating 0.04% in the inter-bank market on Wednesday. At close, the currency settled at 277.96, a loss of Re0.12 against the greenback.
