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Pakistan Stock Market crashes as KSE 100 Index fell 2,106.78 points

Syed Umarullah HussainiWeb Editor

09th Mar, 2020. 10:21 am
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Pakistan Stock Market crashes in early hours of the first day of the business week, benchmark KSE 100-Share Index fell down 2,106.78 points.

As per details, Pakistan Stock Market crashes  in the early trading hours on Monday .

The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-Share Index fell down 2,106.78 points or 5.51pc.

The index reached 36,112.89.  Meanwhile, the trading suspended.

Among other factors, include the suspension of imports from China and adverse affects on the Asian economy have restricted the stock market to grow.

Experts say the stock market has been searching for a proper direction for healthy growth.

Reuters reported that Global share markets tumbled as panicked investors fled headlong to bonds to hedge the economic trauma of the coronavirus, and oil plunged more than 30% after Saudi Arabia opened the taps in a price war with Russia.

Reuters reported Investors drove 30-year U.S. bond yields beneath 1% on bets the Federal Reserve would be forced to cut interest rates by at least 75 basis points at its March 18 meeting, despite only just having delivered an emergency easing.

The safe-haven yen surged across the board as emerging market currencies with exposure to oil, including the Russian rouble and Mexican peso, tumbled.

Saudi Arabia had stunned markets with plans to raise its production significantly after the collapse of OPEC’s supply cut agreement with Russia, a grab for market share reminiscent of a drive in 2014 that sent prices down by about two thirds.[O/R]

The shock in oil was seismic as Brent crude LCOc1 futures slid $13.53 to $31.74 a barrel in chaotic trade, while U.S. crude CLc1 shed $13.45 to $27.83.

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