Pakistan Stock Exchange’s benchmark index plummeted by more than 6,000 points on Tuesday following the escalation in the US and Iran military conflict in West Asia.
Intraday trading witnessed the most bleeding as the market lost six psychological barriers simultaneously between 1,79,000 to 1,74,000 points.
The meltdown in the market was on the cards according to financial analyst Kaukab Farshori.
“The prices of global crude oil have shot up after the resumption of hostilities in the West Asia region, and there appears to be no immediate solution in sight. Investors obviously don’t want to suffer more losses on their investments,” he said.
The KSE-100 index opened in the red and had lost 3,464.89 points at 10 am, dropping to 176,462.15 points from the previous close of 179,927.04.
After several ups and downs, the index had lost 6,088.03 points (3.38 per cent), dropping to 1,73,839.01 points.
A broker on the floor said, “There was a dead silence in the market as he feared investors lost billions of rupees.”
Heavy selling pressure was witnessed in the shares of commercial banking, fertiliser, cement, energy, and oil and gas companies.
The broker said around 900 million shares worth 45.50 billion rupees were traded in the market on Tuesday. — PTI
