ADVERTISEMENT
KARACHI – Massive Drop In Pakistan Stock Exchange. The Pakistan Stock Exchange continued its dreaded run on the first day of the week. This is after the KSE-100 Index dropped over 2,000 points in the opening hours of the trading session.
At the time of filing this report, the KSE-100 Index was being traded at 33,848.93 points. Showing a decline of 2,211.95 points and a percentage drop of 6.13pc. The PSX once again triggered the market halt at 10:13 am and suspended the activity for 45 minutes.
Novel Coronavirus COVID-19 is affecting the whole global economy. Global stock markets crashed on Friday, with coronavirus panic selling hitting almost every asset class and leaving investors nowhere to hide. Japanese stocks were in free-fall and markets from Seoul to Jakarta punched through down limit circuit breakers. Massive Drop In Pakistan Stock Exchange.
Losses were equally staggering outside Japan, driving MSCI’s broad Asia-Pacific index . Gold and oil fell and once-safe sovereign bonds slumped as investors liquidated everything they could to cover losses. Hong Kong’s Hang Seng index .HSI fell 5%. China’s Shanghai composite .SSEC fell 3%. Majors stabilised after furious dollar buying overnight, with the euro EUR= finding footing around $1.1200 and the Aussie AUD=D3 recovering to $0.6300.