Stock market plummets over regional tensions

KARACHI: The stock market received a battering on Monday amid regional tensions and growing uncertainty as wary investors pulled out before the situation deteriorated.

The KSE 100 index plummeted a hefty 1027.06 points or a decrease of 2.43 percent to close 41,296.24 points. The total volume of shares also declined to 200 million valued at Rs9.61 billion.

Meanwhile, the lower benchmark KSE 30 index also nosedived by 464.66 points (-2.39%) to close at 19,009.10 points. The total volume of shares was 96.6 million. Share price and active stock remained in the red throughout the day.

The stock market failed to maintain momentum gained over the last week amid regional tensions and worsening conditions in the Middle East. On Friday, the United States killed top Iranian commander General Qassem Soleimani in an air strike in Iraqi capital of Baghdad.

These tensions have created a war-like situation which impacted Pakistan stock market to drop significantly. There has also been a rise in international oil prices.