War clouds sink share prices at Pakistan Stock Exchange

The war clouds hovering over South Asia sent shockwaves in the Pakistan Stock Exchange (PSX), triggering panic selling with the index sinking by more than 3,500 points on Wednesday, reported 24NewsHD TV channel.

The Indian prime minister has reportedly given “a free hand” to his military commanders for action against Pakistan while Federal Information Minister Attaullah Tarar has said that India may attack Pakistan in next 24 to 36 hours.

The war talk has jolted the trading at the PSX where its benchmark KSE-100 Index crashed to the level of 111,326.57 points, down by 3,545.61 points or -1.8 percent.

Though the bourse recovered a couple of hundred points later after going down by nearly 3,900 points but still the losses were huge. 

Of the total 457 companies traded, share prices of 60 companies were up and of 352 were down while 45 remained unchanged.

Investors confidence has been shaken, leading to selling pressure across several key sectors, which has impacted the overall business environment.

Earlier on Tuesday, the Pakistan Stock Exchange faced ups and downs and eventually closed in the positive zone. 

During early hours of trading, the PSX took a battering amid uncertainty prevailing in the country. 

The benchmark KSE-100 index dipped to 112,935 after losing more than 1,000 points. Later in the day the trading improved and the index rose to 115,040 - a gain of 900 points. 

It eventually closed at 114,872 after gaining 808 points.  

Investor activity remained healthy, with a total of 408 million shares traded and a market turnover of Rs 29 billion. WorldCall Telecom led the volume chart once again, with 29 million shares changing hands.

Reporter: Basim Iftikhar