KSE-100 plunges further after halt, down over 13,000 points
Pakistan’s benchmark KSE-100 index plummeted 13,157.62 points, 8.35 per cent, by 10:50am on Monday after trading resumed.
Trading was halted earlier, around 9:20am, after the index fell by 9,780.15 points, triggering a market suspension.
According to a notice issued by the Pakistan Stock Exchange, a market halt was triggered after the KSE-30 index fell 5pc from its previous trading day’s close. In line with PSX regulations, all equity-based markets were subsequently suspended.
The sell-off comes amid escalating geopolitical tensions and a surge in global oil prices, which have weighed heavily on investor sentiment.
The index was halted at 147,715.95 points, marginally above its intraday low of 147,710.26 points.
The latest slide follows a particularly turbulent week for the market, with heightened volatility reflecting investor concerns over external risks and macroeconomic uncertainty.
According to Reuters, oil prices surged around 25pc on Monday to their highest since mid-2022.
Brent is on track for a record one-day gain, while gold fell 2pc as escalating geopolitical tensions are putting particular pressure on world energy supplies.
Prime Minister Shehbaz Sharif is expected to unveil an austerity plan on Monday in view of the global fuel crisis.
Last week, the government increased the prices of petrol and high-speed diesel by Rs55 per litre, the highest-ever such hike, as the country felt the first direct economic impacts of the ongoing regional conflict.
More to follow