The KSE-100 Index was being traded at 33,684.91 points, witnessing a plunge of 2375.97 points and a percentage drop
16 Mar 2020
- The KSE-100 Index was being traded at 33,684.91 points, witnessing a plunge of 2375.97 points and a percentage drop of negative 6.59pc, before the bourse trading was suspended at 4:00 pm.
- The Fed on Sunday cut interest rates to near-zero levels and pledged to expand its balance sheet by at least $700 billion in the coming weeks
The Pakistan Stock Exchange (PSX) witnessed one of the worst trading sessions in its history after the benchmark KSE-100 Index dropped over 2,400 points during the day amid panic selling on Monday.
The KSE-100 Index was being traded at 33,684.91 points, witnessing a plunge of 2375.97 points and a percentage drop of negative 6.59pc, before the trading at bourse was suspended at 4:00 pm. In the earlier hours of trading, the PSX triggered the market halt at 10:13 am, due to 5pc decline in KSE-30 Index and suspended the activity for 45 minutes.
Furthermore, the BR100 Index was being traded at 3,454.04 points, showing a decline of 261.09 points and a percentage change of a negative 7.03pc.
The latest drop comes after 18 more coronavirus cases emerged in Sindh, including 13 from Sukkur quarantine center were recorded on Sunday alone, pushing the total number of infected people to 35 across the province.
Whereas, the first case of coronavirus was also confirmed in Lahore.
Pakistan on Monday, reported 50 more confirmed cases of the coronavirus as the total number of cases reaches more than 90.
PSX remained in the grip of panic selling and the PSX had to trigger Market Halt option three times during the outgoing week ended on March 13, 2020. KSE-100 index plunged by 2,158.79 points or 5.6 percent to close at 36,060.88 points. Daily trading volumes on ready counter slightly improved by 9.0 percent to 264.25 million shares as compared to previous week's average of 242.54 million shares. Average daily trading value increased by 28.0 percent to Rs 12.77 billion. Whereas, total market capitalization declined by Rs 361 billion to stand at Rs 6.795 trillion.
Global stocks tumbled
Stocks were slammed on Monday and the dollar battered after emergency rate cuts in the United States and New Zealand, and a raft of steps by policymakers worldwide failed to stem the rout in markets spooked by the broadening fallout of the coronavirus.
US stock futures plunged 4.8pc to hit their downlimit before daybreak in Singapore. The dollar sank more than 2% against the yen.
Australia’s benchmark stock index fell 7pc in the first quarter-hour of trade before paring some of the losses. U.S. crude fell 5% to under $30 per barrel.
New Zealand shares were down 3pc. Japan’s Nikkei was up 0.1pc after a more than 6pc decline on Friday to the lowest since late 2016. South Korea’s KOSPI was a shade weaker.
Southeast Asian stock markets tumbled on Monday, with Malaysia hitting a near ten-year low, as drastic policy measures by the U.S. Federal Reserve did little to soothe investor nerves over the lightning spread of the coronavirus.
The Fed on Sunday cut interest rates to near-zero levels and pledged to expand its balance sheet by at least $700 billion in the coming weeks, joining a global effort to combat the pandemic which has forced stringent lockdowns and travel bans worldwide.