PSX sinks by 2,125 points on a day global markets make huge gains

Trade suspension at the Pakistan Stock Exchange (PSX) didn’t change anything as the KSE-100 Index slumped further and closed at 28,564.83 by the time business was closed on Tuesday.

During the day, the index shrunk by 2,102.58 points (6.86 percent) after starting the day at 30,667.41. However, it represents a strong disconnect with the rest of the world as global performed strongly on Tuesday.
Earlier, the trading was suspended yet again as the KSE-I00 Index went south with a 1,826.70-point decrease. The break was applied at around 11:30am with the index standing at 28,840.71.
However, this suspension, which was supposed to last for 45 minutes, continued for more than two hours as trading resumed at 1:40. But, unfortunately, it wasn’t able to turn the tide as the market recorded more losses with the KSE-100 Index shed more points after the resumption of trade.
The stock exchange experienced the latest losses on the first day of trading after the Sindh government imposed a lockdown in the province amid the rapid spread of coronavirus in the country and global uncertainty.
However, it is nothing new for the market as it has been facing this trend for the last two week with the trading suspended on at least eight occasions during this period.
In total, the PSX market value has shrunk by 29.88 percent since the start of this year.
On Friday last, which the last working day of the week, the PSX ended the day in the positive territory as the KSE-100 Index closed at 30,667.41 after gaining 537.58 points (1.78 percent) Amid the fluctuations especially during the morning session.
Meanwhile, the global markets moved in the opposite direction on Tuesday, Tokyo's Nikkei 225 gained 7 percent, Hong Kong's 4.4 percent and Shanghai Composite 2.3 percent.
In Europe, Frankfurt’s DAX rose by over 5 per cent followed FTSE-100 (London) nearly 4 percent and CAC-40 (Paris) by 3.9 per cent.
However, these markets showed positive results only after their governments promised a strong action to keep the economy afloat.