Pakistan Stock Exchange’s (PSX) benchmark KSE 100-Share Index tumbled 2,291.69 points or 6pc, and reached 35,927.98 as of 10.34am.
KARACHI: (UrduPoint/Pakistan Point News-March 9th, 2020) Amid confusion and uncertainty, Pakistan’s stock market crashed in early trading hours here on Monday.
The investors faced pressure and fear owing to decline in international oil prices by about 30 per cent, the worst crash since the Gulf war in the 90s.
Pakistan Stock Exchange’s (psx) benchmark KSE 100-Share Index tumbled 2,291.69 points or 6pc, and reached 35,927.98 as of 10.34am.
Besides it, trade activity was suspended around 9: 45 am after a rapid 5. 83 per cent decline in share prices was seen and resumed around 10: 30.
The trouble has been hit by worried over the global spread of Coronavirus and the oil markets were also affected by the novel virus besides Saudi Arabia’s move to start a price war after Russia going to make further steep output cuts proposed by OPEC to stabilize oil markets.
Moreover, the other factors including the rout in global equities, suspension of imports from China and the adverse affects on Asian economy and sharper than expected downturn in international economies because Coronavirus continued to invade countries. The investors put their money8 in safe haven assets, especially gold.
The stock market has been in search for a proper direction for health growth but many factors were there to dominate the sentiments of potential investors.
