KSE 100 index loses 1067 points over coronavirus fears

KARACHI: The Pakistan Stock Exchange (PSX) plummeted on Tuesday losing more than a thousand points in intra-day trading as fears compounded over the rising effects of the coronavirus.

The benchmark KSE 100 index dropped by 1067.98 points, a decline of 3.17 percent, and closed at 32,616.93 points. The bourse has dropped below the 33,000 points level despite making a slight recovery before trading was suspended.

The indices reached the highest point at 33,893.84 points but rising concern over the coronavirus and its adverse economic consequences kept investors away. The total volume of shares was 196.592 million valued at Rs10.5 billion.

Meanwhile, the lower bench KSE 30 index also declined by 543.84 points (–3.66%) and closed at 14,321.08 points. The total volume of shares was 103.429 points. There was a sea of red across most sectors as share prices fell, while only the cement sector show some positive signs as FCCL (0.25%), and DGKC (1.63%) show slights gains.

READ MORE: PSX crashes by 2375 points over rising coronavius fears

Yesterday, the stock market crashed on the opening day of the week. The KSE 100 index nosedived a staggering 2375 points, marking a staggering decline of 6.59 percent. Trading was suspended for 45 minutes as the stock market opened on Monday, marking the fourth time this has happened since the last week.

The bearish trend marks a 20 percent decline in the stock during the ongoing year. The stock market has lost 25 percent from its peak on January 13. The stock market is facing a negative sentiment due to the global disruptions over the coronavirus and a slowdown in the economy.