The Pakistan Stock Exchange dropped to a three-year low on Saturday.In one week it shed 2,265 points
KARACHI (Pakistan Point News / Online - 29th February, 2020) The pakistan stock exchange dropped to a three-year low on Saturday.In one week it shed 2,265 points. The KSE-100 index dropped by 5.6% to the 37,983-point level.Investors have lost a total of Rs436 billion.On February 27, the Pakistan Stock Exchange saw its biggest intra-day fall in a year after Pakistan confirmed its first cases of coronavirus the day before.The benchmark KSE-100 index, a gauge to measure market performance, shed 1,400 points or 3.
5% within two hours of opening. It was the biggest single-day fall since February 27, 2019 (exactly one year ago) when the Pakistan Air Force had shot down an Indian fighter jet and captured its pilot Wing Commander Abhinandan Varthaman.Pakistan confirmed its first two cases of coronavirus on Wednesday evening, which caused panic among investors already concerned over reports of the deadly virus spreading to other countries.Investors across the globe have resorted to selling following reports of rising number of cases of coronavirus and turned to safe havens, such as gold.
Italy, France, Germany, Denmark, Brazil, Kuwait, Bahrain, the UAE, the US, Canada and Australia are some of the countries that have reported cases of coronavirus. But the worst hit are South Korea and Iran that have reported the most number of cases and deaths after China, the virus epicentre.The spillover effects could be seen in markets across the globe as international oil prices fell and stock markets were down.Most economies are integrated with China, which accounts for 17% of the global GDP. Following the outbreak of coronavirus, economic activities in the world's largest manufacturing powerhouse have halted.
