Stock Exchange suffers more losses

KSE-100 Index sheds 1,068 points

By: News Desk
Published: 01:59 PM, 17 Mar, 2020
Stock Exchange suffers more losses
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The Pakistan Stock Exchange (PSX) witnessed another volatile day with the KSE-100 Index down by 1,067.98 points (3.17 per cent).

As the trading started with the index at 33,684.91 today (Tuesday), the uncertainty in the world triggered by the rising number of coronavirus cases, the rapid decrease in the oil prices and the looming economic recession continued to affect the market sentiment.

At one point, the KSE-100 Index had reached 32,632, but it closed at 32,733.87 when the trading stopped for the day.

The KSE-100 Index has so far lost 20.24 per cent since Jan 1 this year.

Earlier on Monday, trading was suspended at the Pakistan Stock exchange twice as the KSE-100 Index at one stage tumbled by over 2,400 points during a day which saw the worst single-day loss in its history.

When the trading had closed on Monday, the KSE-100 Index stood at 33,684.91 down 2,375.97 points (6.59 per cent) during the day.

In the afternoon session, the trading was halted as the index was down by over 2,400 points and stood at 33,600.

Earlier in the day, trading was suspended at around 10:13 am for a 45-minute break [under the mechanism introduced by the SECP in case of 4 percent fall in index] after the KSE-100 Index dropped by 1,651 points soon after the business started in the morning.

It is for the fifth time that the trading halted at the PSX in the recent days as this mechanism was applied thrice last week. When the trading was suspended for a 45-minute break, the KSE-100 Index stood at 34,409.

The Stock Exchange went through a turbulent period last week as the trading was halted on three occasions with the index going south on four days of the week. It was only on the last working day, Friday when the index closed at a positive note.

On Friday, the index had closed at 36,060.88 with a 104.19 points gain after a wild day as the index first lost 1,689.78 points, triggering trading suspension. However, it made a net gain of 104.19 points.