The 100-Index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Tuesday, gaining 1,632.41 points, a positive change of 1.47 percent, closing at 113,010.38 points as compared to 111,377.97 points on the last trading day.
A total of 486,935,003 shares were traded during the day as compared to 415,160,931 shares the previous trading day, whereas the price of shares stood at Rs 30.381 billion against Rs 23.947 billion on the last trading day.
As many as 447 companies transacted their shares in the stock market, 264 of them recorded gains and 117 sustained losses, whereas the share price of 66 companies remained unchanged.
The three top trading companies were Bank of Punjab with 59,148,179 shares at Rs 10.83 per share, WorldCall Telecom with 30,022,192 shares at Rs.1.56 per share and Citi Pharma Limited with 21,953,013 shares at Rs.106.56 per share.
Unilever Pakistan Foods Limited witnessed a maximum increase of Rs183.14 per share closing at Rs23,415.42 whereas runner-up was Sapphire Textile Mills Limited with Rs 34.32 rise in its share price to close at Rs.1,200.00.
Rafhan Maize Products Company Limited witnessed a maximum decrease of Rs.124.95 per share price, closing at Rs 9,365.05, whereas the runner-up was Philip Morris (Pakistan) Limited with Rs 20.87 decline in its per share price to Rs.661.61.
Separately, Asian markets struggled on Tuesday as traders keep a nervous eye on Donald Trump’s next moves after he signed off on tariffs for steel and aluminium imports and warned of more measures to come.
The US president has lived up to his campaign pledges to resume his hardball trade diplomacy to extract concessions on a range of issues, including commerce, immigration and drug trafficking.
While the moves have jolted sentiment, equities have held up since Trump took office, with analysts saying measures have so far been less severe than feared.
Still, caution looms over trading floors as dealers brace for the next announcement out of the White House, with Maurice Obstfeld, senior fellow at the Peterson Institute for International Economics, saying “the degree of uncertainty about trade policy has basically exploded”.
The latest US duties will take effect on March 12.
“Today, I’m simplifying our tariffs on steel and aluminum,” Trump said in the Oval Office on Monday as he signed off on them. “It’s 25 per cent without exceptions or exemptions.”
He also signalled he would look at additional tariffs on automobiles, pharmaceuticals and computer chips.
Charu Chanana, chief investment strategist at Saxo Markets, said: “These expanding trade actions beyond previous threats to Canada, Mexico and China are leading to potential new import restrictions and retaliation, signalling more bouts of volatility for investors.
“Tariffs are being used not just to tax imports but also as tools for national security, economic leverage and revenue generation, indicating a shift towards long-term economic policy rather than short-term trade disputes.”
All three main indexes started the week on the front foot thanks to a rally in tech firms.
But Asia struggled to maintain its momentum from Monday, with Hong Kong, Shanghai, Singapore, Mumbai, Jakarta and Manila falling.
Seoul, Wellington, Bangkok and Taipei rose with London and Paris, though Frankfurt dipped. Sydney was flat.
The uncertainty fuelled by Trump’s moves has pushed safe-haven gold ever higher. On Monday, it broke above $2,900 for the first time. It extended gains Tuesday to hit a new peak above $2,942.
Fears that Trump’s tariffs, along with tax cuts and deregulation, will reignite inflation and force the Federal Reserve to keep interest rates elevated have sent the dollar up against most of its peers.
Readings on consumer and producer price indexes this week will provide a fresh snapshot of inflation, while Fed boss Jerome Powell is also due to give depositions to US lawmakers.
Both will be pored over for an idea about the bank’s plans for rates, with forecasts for two cuts at most this year.