Bears rule PSX after KSE-100 Index tanks over 2,000 points

• Update 5:00 pm: The stock exchange’s benchmark KSE-100 Index was being traded at 28,564.83 points, witnessing a drop of 2, 102.58  points and a percentage decline of 6.86 percent.
• After the drop, the PSX triggered a market halt at 11:30 am due to a 5 percent decline in KSE-30 Index.
• Update 5:00pm: BR100 Index was being traded at 2,889.02 points witnessing a drop of -236.42  points and a percentage decline of 7.56pc.

The Pakistan Stock Exchange (PSX) benchmark KSE-100 Index lost over 2,000 points, after trading was halted in the first five minutes of the day on Tuesday.

At the time of filing, this report at 5:00pm the stock exchange’s benchmark KSE-100 Index was being traded at 28,564.83 points, witnessing a drop of 2, 102.58  points and a percentage decline of 6.86 percent.

Meanwhile, the BR100 Index was being traded at 2,889.02 points witnessing a drop of -236.42  points and a percentage decline of 7.56pc.

Earlier, the PSX triggered a market halt at 11:30 am due to a 5 percent decline in KSE-30 Index.

The apex regulator Securities and Exchange Commission of Pakistan (SECP) on Monday conducted a mock exercise to run PSX remotely. “Banks and stock market are vital instruments of the country’s financial system,” read the SECP official statement as it announced markets were open on Tuesday.

Meanwhile, the PSX Stockbrokers Association on Monday demanded of the government to announce holidays for Pakistan Stock Exchange for such a number of days as has been prescribed by the Sindh government in its lockdown notice.

The stock market shall forthwith be operational with the lifting of shutdown notice by the Sindh government, the PSX Stockbrokers Association said this in a letter sent to the Advisor to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh.

The PSX Stockbrokers Association said that the government of Sindh has imposed complete lockdown in the province due to the outbreak of deadly coronavirus. Pakistan Stock Exchange (PSX), majority of stockbrokers and stock market investors, though all over the world but major chunk are in Karachi, it added.