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Pakistan Stock Exchange recovers in aftermath of US-Iran tensions

SAMAA | - Posted: Jan 9, 2020 | Last Updated: 6 months ago
SAMAA |
Posted: Jan 9, 2020 | Last Updated: 6 months ago
Pakistan Stock Exchange recovers in aftermath of US-Iran tensions

Photo: AFP

The Pakistan Stock Exchange was on its way to a recovery on Thursday after two days of equity loss due to tensions in the region. The benchmark KSE-100 had lost over 1,000 points since it opened on Monday in the aftermath of the Iranian general Qasem Soleimani assassination.

“Since Trump gave the impression that he did not want to engage in war and that they’d rather diplomacy be the course, the panic has somewhat vanished,” said senior equity analyst Raza Jafri. “People are returning to the equity market and it is safe to say the market will bounce back.”

The KSE-100 was at 42,283 points in the early hours of trade on Thursday, a level it reached after 15 months before losing the grip to regional conflicts. It closed at 41,357 on Wednesday.

Investors found themselves pulling out of the market to turn to safer options such as solid commodities. Gold is always the go-to option for the market and this was reflected right after the assassination of the top Irani military commander, as the price of gold shot up across the world.

However, the prices of Brent crude oil and gold, two indices that drive markets all over the world, have dropped to previous levels and global panic has dissipated.

Another investment expert Adnan Sami Sheikh said that the volatility was temporary. “It was only because of the tensions in the region due to the US-Iran face off but as soon as the risk seemed to be averted, stocks attracted investments again,” he said, adding that the KSE-100 index should not only maintain the 42,000 level, but “may in fact cross 43,000 by the weekend.”

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