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Pakistan shares plummet on Brexit vote

KARACHI (Reuters) – Pakistan stocks plunged more than 2 percent and recorded their biggest percentage loss in more than five months as Britain’s exit from the European Union rattled global markets.

The benchmark 100-share index of the Pakistan Stock Exchange closed down 2.22 percent, or 848.01 points, at 37,389.88, after recovering from an intraday low of 36,826.

“Markets fell as an impact of Britain’s exit from EU, Asian markets fell as well as commodity prices. Oil prices are also down by five percent,” said Fawad Khan, head of research, KASB Securities Private Limited.

Index heavyweights that led the losses include Oil and Gas Development Co Ltd, which slipped 4.18 percent, while Pakistan Petroleum Limited declined 4.34 percent and Pakistan Oil fields Ltd fell 3.93 percent.

Yen has appreciated as a result of Britain’s exit, hurting auto sector stocks.

Honda Atlas Cars (Pakistan) Ltd lost 5 percent and Pak Suzuki Motor Co Ltd declined 5 percent.