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Two investors can be seen discussing in front of the digital stock board at the Pakistan Stock Exchange. — AFP/File
#KSE100 #tumbles #points #geopolitical #tensions #escalate
KARACHI: The Pakistan Stock Exchange (PSX) closed down rapidly on Wednesday as the geographical political tension increased. In a statement by the Federal Minister that India was planning a military attack on Pakistan in the next 24 to 36 hours, which created panic among the investors, which chose aggressive sale. The market broke four psychological levels during its free fall throughout the board.
The benchmark KSE-100 index fell 3,545.6 points, or 3.09 percent, which fell 111,326.58 points, lower than 114,872.18 points in the final session. The highest index of the day was 114,066.13 points, while the lowest level was recorded at 110.631.84 points.
Arif Habib Limited analyst Ahsan Mahani said that according to government reports, India has fallen across the stock board after planning military action against Pakistan. He said that fears over the rupee fluctuations, the decline in global crude oil prices, and the growing border between Pakistan and India played an important role.
The KSE -30 index decreased by 1,274.04 points or 3.61 percent to 35,267.18 points to 33,993.15 points. The commercial value increased from Rs 29.067 billion to Rs 31.124 billion. Market Capital is limited to Rs 13.52 trillion compared to Rs 13.948 trillion. Of the 457 companies operating in the session, 60 were closed in green, 352 red and 45 changed.
Topline Securities analyst Mazar Mallah said the local equity market faced a sharp and widespread decline, as the shockwave was sent through the sentiment of investors by accelerating the geographical political tension between Pakistan and India.
He said that the misery was primarily pledged to an ascension military increase. The Minister of Information and Broadcasting revealed that there is a “credible intelligence” in Islamabad, which shows that India can launch a military strike within the next 24 to 36 hours. This announcement has mobilized to avoid a widespread threat, investors are running to reduce the exposure between uncertainty.
The key heavyweight stock played a significant role in the fall of the market. Notable Legards include fate, Engrooh, UBL, PPL, and FFC, which collectively pulled the index down by 1,132 points.
PIA Holding Company Limited B recorded the highest increase, which increased to Rs 396.94 to Rs 4,366.33, followed by Unilever Pakistan Foods Limited, which increased to Rs 369.75 to Rs 23,469.75. A significant reduction was noted in Ismail Industries Limited, which was reduced by Rs 105.68 to Rs 1,628.83 per share. Rafan Maize Product Company Limited followed it, which was reduced from Rs 84.90 to Rs 8,950.33 per share.
Mohammad Hassan Athar, a JS Global analyst, said that this reduction has been mobilized by promoting the geographical political tension between Pakistan and India, panic and aggressive sale of investors. The market dispersed four major psychological levels, which deepened more concerns. “In search of ahead, the volatility will remain, because investors assess geographical political risks,” he said. Rehabilitation on diplomatic de Skilation and the explanation of policy is critical but close -term feelings are critical, with cautious trade expectations. “
Sarnarjico PK remained the volume leader with 46.167 million shares, closing 72 bucks to Rs 72.09 per share. The World Calle Telecom, with 40.695 million shares, followed it, which closed at Rs 1.25 per share with a money.
Other important business stocks included Bo Punjab, K Electric Limited, Maple Leaf, Power Cement, Sui South Gas, Sui North Gas, Military Cement, and Ather Ltd. In the Future Market, 328 companies recorded trade, 9 of which increased, 318 decreased, and one changed.
