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06-24-2016, 12:18 PM
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Pakistani stocks fall 2 pct in early trade on Brexit volatility
ISLAMABAD: Pakistani shares fell 2 percent in early trading on Friday, hurt by a global sell-off in risk assets after Britain voted to leave the European Union.
At 1017 local time (0517GMT), the benchmark 100-share index of the Pakistan Stock Exchange traded 1.96 percent lower at 37,484.18 points. "It´s due to Brexit. It´s the volatility in global markets," said Saad Hashmey, chief eco**mist and director of research for Topline Securities. Traders said banking and oil stocks were leading the decline. Southeast Asian stock markets plunged on Friday as investors went on a selling spree after Britons voted to leave the European Union. World financial markets dived as nearly complete results showed a 51.7/48.3 percent split for leaving the 28-member bloc. Sterling suffered its biggest one-day fall of more than 9 percent against the dollar, hitting its lowest level in three decades on market fears the decision will hit investment in the world´s fifth largest eco**my. Commodity markets slumped as well, with oil prices falling more than 4 percent in Asian trading. "We think UK´s EU exit will generate large volatility in the market given most market participants were betting on a Bremain scenario," said Taye Shim, a strategist with Daewoo Securities in Indonesia. "Today´s movement is a clear evidence that markets hate unpredictable uncertainties." Singapore shares were heading for their biggest percentage loss in more than four months, while Vietnam fell over 3 percent. In the city state, most sectors dropped over 1 percent with oil and gas stocks leading the losses. Vietnam shares fell, led by energy stocks including Petrovietnam Gas Joint Stock Corp, while the Philippine market fell nearly 2 percent, after hitting a 13-month high in early trading. Malaysian stocks hit a one-week low, weighed down by consumer cyclicals, while Thai shares slid nearly 3 percent as the energy sector took a hit. Indonesia fell over 2 percent with consumer cyclicals leading the losses. "Although we see limited direct impact of UK´s EU exit on Indonesia, we believe the spillover will place negative repercussions on risky assets including Indonesia," said Taye Shim of Daewoo Securities. Asian stocks were down with MSCI´s broadest index of Asia-Pacific shares outside Japan down 5.1 percent. أكثر... ??????? ??????: Pakistani stocks fall 2 pct in early trade on Brexit volatility || ??????: ahlam1399 || ??????: اسم منتداك
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