Pakistan Stock Exchange Crashes Due to Third Trade Halt in a Week
Earlier today, Pakistan Stock Exchange (PSX) crashed as the trading was halted for the third time in a week. As per Samaa, the KSE-100 Index took a 4.6% dip translating in 1,683 points. Overall, the bourse plunged 20% since the beginning of 2020, thus resulting in a market crash.
“The KSE-100 is now down more than 20% from its recent high of 43,600 points so it’s officially a bear market, you can call it a crash too,” said Raza Jafri, director of research at Intermarket Securities while talking to Samaa.
The crash, of course, came on the back of pandemic Coronavirus that has jolted stock markets across the world. Trading halt has been adopted in the US, Japan, and other markets to stop panic selling among the investors who now seem too cautious amid the virus fears.
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PSX, however, was able to recover the impact once the trading session resumed. Finishing off above 36,000 (more than Friday’s opening) the market climbed up with the help of Oil and Gas sector coupled with input from large sectors like chemical, engineering, and power.
