KSE-100 Index continues sliding down unlike rest of world
The KSE-100 Index was down 1,336.03 points (4.48 percent) as the Pakistan Stock Exchange witnessed more bloodbath on Wednesday.
The index was at 27,228 points as market closed after another turbulent day. The market has shrunk by 33.16 percent since January 1.
Earlier, the trading was suspended for two hours after huge losses as the KSE-100 Index was shrinking with each passing moment despite the fact that Southeast Asian markets had been making huge gains just like the previous day.
It proved to be a repeat of Tuesday when the KSE-100 Index had shed 2,102.58 points. The index stood at 27,294.78 after losing 1,270.05 points when the trading was stopped at 12:20pm, which represents 4.45 percent loss.
On Tuesday, trade suspension didn’t change anything as the KSE-100 Index slumped further and closed at 28,564.83 by the time business was closed.
During the day, the index shrunk by 2,102.58 points (6.86 percent) after starting the day at 30,667.41. However, it represented a strong disconnect with the rest of the world as global performed strongly.
These markets showed positive results only after their governments promised a strong action to keep the economy afloat.
However in Pakistan, 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.