Pakistan stocks closed on a bearish note on Wednesday, weighed down by investor concerns over the recently proposed Tax Laws Amendment Bill 2024.

The bill, which includes provisions prohibiting non-filers from making stock purchases beyond certain limits, sparked significant apprehension among market participants.

Adding to the market’s woes, uncertainty surrounding ongoing negotiations between the government and the Pakistan Tehreek-e-Insaf (PTI) party further dampened investor sentiment. Meanwhile, weak global crude oil prices also contributed to the negative trend.

Major sectors, including oil and gas exploration companies, commercial banks, and oil and gas marketing companies, were the primary laggards in the session.

KSE-100 index shed 1.39% or 1,598.82 points to close at 113,443.43 points.

Indian stocks bounced back on Wednesday. Big companies like Infosys, HDFC Bank, and Tata Consultancy Services did well, helped by good global market conditions.

The main stock indices went up after some private banks reported better results than expected. The IT sector recovered from recent losses, but smaller stocks didn’t do as well due to worries about their value.

BSE-100 index surged 0.32% or 78.17 points to close at 24,283.10 points.

DFM General Index gained 0.2% or 10.57 points to close at 5,230.83 points.

Commodities

Oil prices fell after US President Donald Trump threatened tariffs on China, raising fears of multiple trade wars. Trump also announced plans for tariffs on Canada and Mexico.

He mentioned a possible 10% tariff on China due to fentanyl coming from there. In response, Canada increased its crude oil exports to the US to avoid potential tariffs.

Brent crude prices surged 0.25% to $79.49 per barrel.

Gold prices reached their highest in over 12 weeks on Wednesday due to increased demand for this safe-haven asset.

Market uncertainty and concerns over US President Donald Trump’s trade tariffs are keeping investors interested in gold.

The surge is driven by several factors causing market instability and investor anxiety.

International gold prices increased 0.49% reaching $2,757.09 per ounce.

Currency

US dollar eased remained steady against PKR in the inter-bank market. Pakistani currency shed 4 paisas to 278.85. In the open market USD was trading at PKR 281.