KARACHI: The Pakistan Stock Exchange (PSX) has crashed by more than 2000 points in intra-day trading due to the rising fear of the coronavirus outbreak.
Due to a decrease of over 2000 points during trading in the PSX, the market closed at 28800 points, after which the business was temporarily closed.
Overall, the stock market fell 1 thousand 826.70 points, bringing the market to 28,800 levels. Trading will start after 2 hours at 28,840.71 points in the market.
The KSE-100 Index recorded 1826.70 points, the All-Share Index 967.16 points, and the KSE 30 Index a decrease of 927.46 points. In addition, the KMI 30 Index recorded 3335.21 points, KSE All Share Index 767.83 points and KMI All Index recorded a decrease of 712.95 points.
The decision was of suspending the market earlier was made by the Securities and Exchange Commission of Pakistan (SECP). KSE-100 Index fell 5 percent in the opening and failed to recover in the next five minutes. The time of the opening market has also been changed that would be from 11 am onwards. It will be applicable for the next 15 days.
The decision comes in light of a nation-wide lockdown announced by the Sindh government to prevent the coronavirus to spread. The number of confirmed coronavirus cases in Pakistan has risen to 887 as three more cases have been reported from Punjab reported today.
Sindh has remained the worst affected province from the coronavirus with a total of 394 cases. In this regard, the provincial health department has informed that 61 new confirmed cases of coronavirus have been reported in Sindh.
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