Stocks plunge 785 points amid India-Pakistan border tensions

Fear swept the ttrading floor on the stock market as news of Indian army jets crossing into Pakistan flashed on the news screens. Because of this, the KSE-100 index dipped by 785.12 points to end at 38,821.67.

The market started out weak with the index featuring a decrease of 184 points in the first half hour. Like fear gripped the market, retail individuals begun to jettison shares at whatever the available cost which sent the index reeling down by intraday low by 880 points.

Market watchers determined that it was the largest decrease in the past fifty-five trading days and was the very first time in 32 sessions that the Index had decreased below 39,000 points.
Besides the political tensions, significant fall in international oil prices saw exploration and production companies as the worst performers, chipping away 156 points.

The volume improved 137pc to 162m shares, from 68m when average traded value surged by 89pc to $50m, as against $26m. Most active stocks were Bank of Punjab, K-Electric, Engro Polymer and Chemi­cals, Pakistan International Bulk Terminal and Maple Leaf Cement, which added a third to the aggregate volume.

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