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Stock bloodbath: KSE-100 tumbles over 1,300 points on Russia-Ukraine conflict

  • Investors resort to panic selling in reaction to Russia's 'military operation', index finishes below 44,000 level
Published February 24, 2022

It was carnage for global equities on Thursday.

Like its peers, the Pakistan Stock Exchange (PSX) felt the effects of Russia's 'special military operation' in Ukraine as the benchmark KSE-100 plummeted over 1,300 points (2.9%) during trading on Thursday.

At close, the KSE-100 finished with a drop of 1,302.41 points or 2.89% to finish at 43,830.51. This is the index's lowest closing in 2022.

Investors resorted to a dump-and-run approach after Russian President Vladimir Putin authorised a military operation in eastern Ukraine on Thursday in what appeared to be the start of war in Europe over Russia's demands for an end to NATO's eastward expansion.

The development also pushed oil over $100, raising inflationary concerns for a net-importer like Pakistan. Oil breached $100 a barrel for the first time since 2014 as Russia moved troops into Ukraine, sparking concerns that a war in Europe could disrupt global energy supplies.

The developments are a negative for Pakistan that could see inflationary pressure rise due to the conflict-escalation.

“Investors are reacting to the impact of Russia-Ukraine escalation," said Tahir Abbas, Head of Research at Arif Habib Limited (AHL). “Globally, it is very concerning as in Europe this is the first such escalation after World War II. For Pakistan, rising oil prices will add pressure on the external front."

KSE-100 posts recovery, up 0.27%

Samiullah Tariq, head of research at Pak-Kuwait Investment Company, told Business Recorder that the conflict has also raised rates of several commodities worldwide, putting pressure on equities.

On the corporate front, HBL announced earnings for CY21 at Rs35 billion with an EPS of Rs23.88, depicting a YoY surge of 13% while down 8% QoQ. A dividend was announced of Rs2.25 per share taking total CY21 payout to Rs7.5 per share.

Volume on the all-share index increased to 350.06 million from 186.35 million on Wednesday. The value of shares traded increased to Rs8.75 billion from Rs6.80 billion recorded in the previous session.

Flying Cement (R) was the volume leader with 38.42 million shares, followed by WorldCall Telecom with 33.14 million shares, and Hum Network with 20.48 million shares.

Shares of 377 companies were traded on Thursday, of which 36 registered an increase, 317 recorded a fall, and 24 remained unchanged.

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