Stock market regains control as 100 index gains 608 points

KARACHI: The stock market regained control and stability on Tuesday 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 total volume of shares was 142.5 million valued at Rs7.92 billion. The bourse reached the highest level at 41,967.94 points in intra-day trading before trading was suspended.

Meanwhile, the lower benchmark KSE 30 index closed at 19,331.46 points by witnessing an upward trajectory of 322.36 (1.70%) points. The total volume of share was 70.79 points.

There was a minuscule rise in share price of several companies. The most active stocks were HASCOL (-1.45%), K-Electric (1.10%), Siddiqsons (-5.33%) followed by TRG (3.06%), Unity Foods (2.25%), and Fauji Foods (1.90%).

There was increased investment in textile and equities sector. The top advancers were DKL (24.13%), Chakwal Spinning (15.74%), TSMF (15.34%) followed by MTIL (13.16%), KOSM (12.75%), and Premier Insurance (12.11%).

Regional tensions have heightened following the killing of top Iranian military commander Qassem Soleimani in Baghdad by the US in a drone strike on Friday.

This has created a tense situation in the region affecting global stock markets and local bourse. The prices of crude oil and oil have also soared to a six year high.