ISLAMABAD: The Pakistan stock market has shed 1.8 percent of its value on a week-on-week basis, a research and brokerage firm said on Saturday, attributing it to geopolitical tensions between the United States and Iran.
The war between the United States and Iran, which began on Feb. 28, has disrupted global energy supplies and rattled the Middle East as well as threatened global markets and economies.
On flow end during the week, individuals were major buyers at the Pakistan Stock Exchange (PSX) as they net purchased equities worth $14.6 million, according to Karachi-based Topline Securities.
“The escalating deadlock between the two nations weighed heavily on investor sentiment, triggering broad-based selling across key sectors, including banking, fertilizers, and oil and gas exploration,” the brokerage and research firm said in its weekly review.
Foreign corporates and insurance companies were major sellers in the market during the week as they net sold equities worth $12.5 million and $11.9 million, respectively, according to the report.
“Average daily traded volume and value during the week stood at 1.2bn and PKR.46bn respectively,” it read.
