KARACHI: Uncertainty and regional tension loomed over at the stock market on Wednesday as the bourse shed over 500 points in intra-day trading.
The benchmark KSE 100 index closed at 41,357.56 points after losing 546.91 points or 1.32 percent during intra-day trading. The indices failed to regain control hovering between 41,939.47 and 41,173.95 points before trading was suspended. The total volume of scripts was 209.2 million worth Rs10.35 billion.
Meanwhile, the lower bench KSE 30 index also lost 260.12 points (-1.35%) to close at 19,071.34 points. The total volume of scripts was 114.06 million. The share prices of several top companies suffered a battering. K-Electric (-8.28%), TRG (-3.62%), MLCF (-4.92%), STPL (-4.74%), Unity Foods (-4.71%), PSO (-6.04%), Fauju Foods (-6.04%) and WorldCall (-6.47%) were among the top advancers which saw a decline in share price and stock trade.
There was optimism on Tuesday as the stock market regained control and stability just a day after it plummeted by over 1000 points over escalating regional geo-political tensions.
The KSE 100 index benchmark at the Pakistan Stock Exchange on Monday nosedived a hefty 1027.06 points or a decrease of 2.43 percent to close 41,296.24 points. The bourse remained in the red throughout the day and the shockwaves rippled through the stock market.
However, the KSE 100 index on Tuesday regained control and increased by 608.23 points showing a healthy gain of 1.47 percent. The stock market failed to gain momentum over escalating geo-political tensions in the Middle East.
Regional tensions have heightened following the killing of top Iranian military commander Qassem Soleimani in Baghdad by the US in a drone strike last week. This created a tense situation affecting the local stock markets while global prices of crude oil and oil have also soared.
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