KARACHI: Pakistan’s benchmark KSE-100 index slipped deep into negative territory on Wednesday, shedding 1,856 points by 11:45am and erasing much of the early rebound seen at the start of the session.
The day began with sharp turbulence: around 9:20am, the index plunged over 2,300 points to hit an intra-day low of 154,790.73. By 10:30am, however, it managed to claw back some ground, briefly trading 382 points higher. This roller-coaster movement highlights the fragile confidence among investors after a rocky start to the week.
On Tuesday, it may be recalled, the market had staged a dramatic comeback, surging 5,159 points to close at 157,132.09. That rebound helped offset part of Monday’s historic collapse, when the index nosedived more than 16,000 points in a single session — the steepest fall ever recorded in the Pakistan Stock Exchange’s history.
So far today, trading has swung between a high of 157,962.47 and the morning low, underscoring the nervous sentiment still gripping the market.
Market experts believe the turbulence is being fueled not only by global uncertainty but also by domestic unrest. Violent protests against the United States had erupted across Pakistan, leaving 11 people dead in Karachi and several others killed in Islamabad, Gilgit, and Skardu.
The unrest has added to investor anxiety, especially after Washington issued a security advisory ordering the departure of non-emergency U.S. government staff and family members from its consulates in Lahore and Karachi.
Not only that, but escalating tensions between the US, Israel, and Iran have driven oil prices to a 19-month high, weighing on international equities and compounding fears of a prolonged conflict in the Middle East.
