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Markets

Bears rule bourse, KSE-100 Index lose over 1,000 points

The KSE-100 Index closed at 31,032.99 points showing a negative change of 1,000.22 points and a percentage change o
Updated 13 Apr 2020
  • The KSE-100 Index closed at 31,032.99 points showing a negative change of 1,000.22 points and a percentage change of negative 3.21pc.
  • The BR100 Index was being traded at 3,179.97 points showing a decline of 120.10 points and a percentage decline of 3.64pc.

Bearish sentiments ruled the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 Index losing over 1,000 points during trading on Monday.

The KSE-100 Index closed at 31,032.99 points showing a negative change of 1,000.22 points and a percentage change of negative 3.21pc.

Meanwhile, the BR100 Index was closed at 3,179.97 points showing a decline of 120.10 points and a percentage decline of 3.64pc.

The development comes after as uncertainty surrounds the government decision to extend lockdown in the country or not. Prime Minister Imran Khan will preside over a meeting of the National Coordination Committee (NCC) for COVID-19 today, which will be attended by the chief ministers of all four provinces, alongside federal ministers and diplomats.

The meeting will hold a consultation on the final decision to open the construction sector after April 14 and whether lockdown will be expanded across the country. The Prime Minister will himself inform the public about the decision taken during the meeting.

The decision regarding the resumption of flight operations from cities including Karachi and Islamabad is also expected in today's meeting.

The coronavirus pandemic has crippled Pakistan economy, with economic experts projecting an economic recession if the lockdowns continued.

Pakistan may fall into a recession with the real GDP for fiscal year 2020 could contract by 2.2 percent and a painful decline in per-capita income, says the World Bank (WB).

The WB in its latest report “South Asia Economic Focus Spring 2020” stated that Pakistan, which has already experienced low growth rates in recent years, could well fall into a recession. With 1.8 percent population growth, that would imply a painful decline in per-capita income.