Share prices tumble at Pakistan Stock Exchange
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The share prices were tumbling at Pakistan Stock Exchange (PSX) on Monday as the KSE-100 Index shed 584.28 points during early trading.
After starting the session from the previous level of 32,806.38, the index was down to 32,170.49 in the first 39 minutes of trading. At one point, the index fell as low as 675.30 points in a session where a total of 33,691,650 shares have so far been traded.
All the important sectors – including oil and gas, cement, engineering and fertilizers – were suffering losses as only 11 companies made gains out of a total of 197 that had been open for trading so far. It means the KSE-100 Index is down by 20.90 percent since Jan 1 – a period during which it had slide to 27,228.80 on March 25.
The Monday’s poor start comes after the stock market closed at 32,806.38 after losing 44.45 points on Friday. In fact, the overall trend has been negative after reaching the level of 39,382.11 on March 5. However, the market witnessed a recovery of 5,577.58 since March 26 till Friday last week.
Meanwhile, Monday started with the Asian markets making gains as governments around the world discussed when and how to reopen businesses and get their economies back on track.
Japanese stocks led a broad rise in the region, with the Nikkei 225 average up more than 2 percent. Similarly, Hong Kong’s Hang Seng index was up by 1.6 percent, Shanghai Composite index in mainland China by 0.7 percent, South Korea’s Kospi by 1.7 percent and Taiex in Taiwan by 1.9 percent.
Futures markets were predicting Wall Street and European markets would open higher as well.