Bloodbath witnessed at PSX in intraday trade after global market crash

Shares at the Pakistan Stock Exchange declined by 2,900 points in intraday trade after global equities collapsed on a black Monday for markets in the wake of China hammering the United States with its own hefty tariffs, ramping up a trade war many fear could spark a recession. The benchmark KSE-100 index was down by 3,394.66 points, or 2.86 per cent, to stand at 115,397.00 from the last close of 118,791.66 at 10:09am. Awais Ashraf, director research at AKD Securities, attributed the decline to “investors fears that tariff hikes could lead to global recession through weaker demand”. “We believe being an import-led economy, the imposition of US tariffs would benefit us due to possible decline in global commodity prices,” he added.