Trading Halted at Pakistan Stock Exchange After 6% Drop

Trading activity was suspended for an hour today at the Pakistan Stock Exchange after the benchmark index dropped 6.3%, exchange data said.

Pakistan's international bond came under intense pressure as the 2036 maturity suffered huge losses. It fell by more than 1 cent to be bid at 73.8 cents in the dollar, Tradeweb data showed.

The country’s benchmark index closed 3.1% after opening by about 6% losses on Wednesday.

“The situation has raised fears about an escalation between the two counties, and it represents another example of how the Global South is likely to prove increasingly important for the global backdrop,” Jim Reid, global head of macro and thematic research at the Deutsche Bank, said in a note.