The equity market plunged on Friday while geopolitical tensions increased following Israeli strike reports on Iranian nuclear and military sites.
Pakistan Pakistan Benchmark KSE -100 index of Pakistan Pakistan affected an intra -day summit of 123,058.06, a drop of 1,035.06 points, or -0.83%, and dropped to a hollow of 121,604.59, reflecting a drop of 2,488.53 points, or -2.01%.
“The early morning reports of an Israeli attack on Iran initially sent the equity market to a sharp decline, although a certain recovery has since been observed,” said Amreen Soorani, research manager at Al Meezan Investment.
“This event has considerably intensified geopolitical uncertainty, a feeling clearly reflected in the immediate increase of 8% of oil prices. Given the evolutionary information, the broader reaction of the market in the coming days would be dominated by the extension and repercussion of the same thing. ”
Israel confirmed that he had made strikes on Iranian nuclear and military sites to block the alleged prosecution of atomic weapons from Tehran. The Israeli army said 200 jets had been used to target approximately 100 locations, including sites in Tehran, Natanz and in northwest Iran.
Explosions have been reported in a key installation of the body of the revolutionary guard and the Uranium Natanz enrichment factory, with images showing heavy smoke. The UN nuclear watchdog confirmed that Natanz had been affected and said that he was monitoring the levels of radiation.
The Iranian state media reported the death of two senior military officials – the chief of the revolutionary guards Hossein Salami and the chief of staff of the armed forces Mohammad Bagheri – as well as wounds of at least 50 civilians. In response, Iran would have launched a hundred drones to Israel, as confirmed by the Israeli army.
The strikes sparked an increase in world oil prices and weighed heavily on stock markets in the region, including Pakistan.
In addition, the State Bank of Pakistan (SBP) announced on Thursday that it will hold its next meeting of the Monetary Policy Committee (MPC) on Monday June 16 to determine the reference rate of reference.
Thursday, the previous session saw the index withdraw from 259.56 points, or 0.21%, to end at 124,093.12. He had reached a record summit of 126,718.28 earlier during the day before the profit taking it to a hollow of 123,846.56.