Stocks post mild recovery after meltdown

After an overnight unprecedented bloodbath, the Pakistan Stock Exchange (PSX) showed a slight recovery as global markets rebounded from the heavy losses triggered by the US reciprocal tariffs and retaliatory measures, raising fears of a worldwide recession. Ali Najib, head of sales at Insight Securities, said the PSX exhibited some sign of recovery as the index opened with a gain of 1,100 points. The strong momentum continued until the market made an intraday high at 116,692, a gain of 1,783 points. However, the brave value-hunters became profit-takers as they started to trim their positions at the day’s high, which weighed on the bullish sentiment and ultimately led the index to shed some earlier gains and settle at 115,532.43, up 623 points or 0.54pc. Mr Najib emphasised the need for observing market behaviour after April 9, when the global trade tariffs will be implemented, and assessing their repercussions on the affected countries.