Pak­istani stock mar­ket plum­mets over Iran pipe­line sanc­tion fears

The Pak Banker - - FRONT PAGE -

Pak­istan’s main stock mar­ket plum­meted over 400 points on Mon­day, the same day as the Pak­istani pres­i­dent and his Ira­nian coun­ter­part in­au­gu­rated con­struc­tion work on a much de­layed pipe­line be­tween the two coun­tries, de­spite re­peated warn­ings of sanc­tions by the United States.

The Karachi Stock Ex­change (KSE) bench­mark 100-in­dex ended 441.62 points, or 2.46 per cent, lower to close at 17,522.56 points. “There was a panic-like sit­u­a­tion in the mar­ket as in­vestors fear United States may im­pose eco­nomic sanc­tions on Pak­istan be­cause of the gas pipe­line,” an­a­lyst Mo­ham­mad So­hail of Topline Se­cu­ri­ties told me­dia. “The mar­ket ex­pe­ri­enced tur­moil all the day. It never re­cov­ered till it sus­pended trad­ing.” “The mar­ket’s fu­ture trends de­pend on what the US State De­part­ment says in its next state­ment about the gas pipe­line,” So­hail said. Pak­istani an­a­lysts said a state­ment from the US State De­part­ment was ex­pected later in the evening.

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