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Pakistan Stock Exchange wobbles after Baghdad attack

SAMAA | - Posted: Jan 3, 2020 | Last Updated: 6 months ago
SAMAA |
Posted: Jan 3, 2020 | Last Updated: 6 months ago
Pakistan Stock Exchange wobbles after Baghdad attack

Photo: AFP

Trading at the Pakistan Stock Exchange closed on a negative note, with the benchmark index losing 157 points on Friday. This was despite the rate cuts on National Savings certificates which encouraged investors to turn to stocks.

The KSE-100 index that rallied well past 42,000 points just the previous day — peaking a level it had not attained since September 2018 — still managed to suspend above that level on the weekly close.

“The US drone attack on Iraqi airport on Friday that assassinated top Iranian commander Qasem Soleimani shook the official echelons across the globe,” said Raza Jaffri, research head with the Intermarket Private Limited.

“Mixed responses from many different world leaders and governments have already stacked the news. The same has reflected a little bit on our stocks.”

The market analysts suggest that cuts in profit rates and overall macro-economic indicators have kept the market rallying. However, the US-Iran tensions are likely to cause stress that will trickle down on to the regional outlook too.

Adnan Sami, a senior research associate with the Pak-Kuwait Investment Company, said that investors were now more confident given the stable upward rally of the market.

“Local sentiment was fine and encouraging with all indicators painting a finer outlook,” Sami said, while speaking to SAMAA Money.

“The Baghdad attack spread fears as the assassinated Iranian Commander exercised great influence in the region and it has suddenly spiked the international oil prices.”

Before the bourse closed on Friday, TRG led the bulls with 23.7 million shares traded, trailblazing Unity Foods and K-Electric with 20.7 million and 20.2 million, respectively.

A total of 227 million shares were traded on the weekend.

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