Karachi, March 2 The Pakistan Stock Exchange recorded its biggest single-day drop on Monday when the KSE-100 benchmark index plunged by 16,089.17 points.
The KSE-100 index fell to 151,972, down 2.99 points, representing a 9.57 per cent drop from its previous close, the largest single-day loss in the history of the Pakistan Stock Exchange.
Financial analyst Kaukab Farshori, of Capital Investments, attributed the crash to the uncertain geopolitical situation in the region.
He described it as an "overreaction" in the market due to selling by a few funds and new leveraged players.
Due to the month of Ramadan, the PSE operates for half a day, but trading was temporarily suspended around noon due to the sudden drop in points.
Kaukab said that when the market closed last week, it was already volatile due to the conflict in the region.
The Pakistani government has also increased the prices of petroleum products for the next 15 days, starting on Saturday.
When trading began on Monday at 10:30 am, the index had lost 12,334.88 points from its previous close of 168,062.16 points, signaling a fall of 7.34 per cent.
As the index is falling, some investors have also tried to take advantage of the situation, with some shares down, according to other financial analysts.