Pakistan Share Market : After rumors of many cities in Pakistan India’s military action, Pakistan’s stock market declined by more than six percent on Thursday and the business was stopped for one hour. The KSE 100 index fell 6,948.73 points, or 6.32 percent, to 1,03,060.30 points.
Fatima Bucha of AKDi Securities said, the situation may worsen as investors are nervous due to geopolitical conditions. No one is sure what will happen and how will Pakistan answer India’s aggression and will or not.
The main reason for the fall in the index was a negative trend in major stocks such as cement, energy, bank and technology, which collectively pulled the index down. Meanwhile, the government has taken steps to keep its foreign exchange reserves stable. It has imposed a 60 -day ban on imports and exports of precious metals, jewelery and gems since Thursday.
The temporary sanctions were imposed by the order of the Ministry of Commerce, in which the 2013 SRO 760 was suspended, which controls the trade of precious metals. This ban is associated with recent deadlock with India as a possible strategy to limit the flow of metals.
The State Bank of Pakistan has also advised informally advised to closely monitor the dollar outflow in inter-banks and open markets, as the increasing struggle may increase the demand for dollars rapidly.
Edited by: Nrapendra Gupta
