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Pakistan stocks shrink as Iran-US war panic grows

SAMAA | - Posted: Jan 6, 2020 | Last Updated: 6 months ago
Posted: Jan 6, 2020 | Last Updated: 6 months ago
Pakistan stocks shrink as Iran-US war panic grows

Photo: AFP

The Pakistan Stock Exchange started Monday sluggish and lost over 800 points to slip below the 42,000-point level—that it had managed to maintain after 15 months— possibly reflecting global and local market sentiment after Iran’s General Qassem Soleimani’s assassination on US President Trump’s orders.

By midday, the KSE-100 dropped to 41,480 points with all top active scrips, including K-Electric and the Bank of Punjab, heading downward in their share prices.

Friday had closed at 42,232 points, the day a US airstrike on Baghdad airport had killed the commander of the Iranian Revolutionary Guards Corps.

Analysts had suggested that although the market took a hit on Friday in reaction, with little trading time left after Jumma prayers, it did not drop more than 157 points and negative sentiment had been contained. But this mood strengthened over the weekend and trading opened Monday 300 points lower at 41,900 points.

Global markets have been largely affected by Iran attack, which injected panic in the region after the Iran supreme leader warned of retaliation for the assassination. Stocks in the UAE receded 3%, while KSA, Turkey and Qatar stocks came down 2.4 and 2 percent respectively.

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