KARACHI – Bloodbath continues at the Pakistan Stock Exchange (PSX) on Monday as the KSE-100 index has witnessed highest single-day slump as global markets crashed as trade war intensified after China is going to impose hefty tariff on the US.
The benchmark index plummeted by over 8,000 points.
After the market crashes, the trading activity has been suspended at the PSX.
On Friday, the stock market closed at 118,791.66 points as it lost 146 points after it surged to record high due to massive buying rally.
The bloodbath at the PSX is being attributed to international tariff war ignited by US President Donald Trump, who has imposed reciprocal tariffs on countries, including Pakistan.
For Pakistan, there is new 29percent tariff on goods and it raised concerns, especially for those related to country’s most critical export sectors, including textiles, leather, and other manufacturing industries.
Under the new US trade policy, the US will impose 26% reciprocal tariff on India, 34% on China, 20% on European Union, 10% on Saudi Arabia, Qatar and Afghanistan.
The US has also imposed 37% tariff on Bangladesh, 24% on Japan, 17% on Israel and 10% on the United Kingdom.
