Stock market receive battering as coronavirus receives Pakistan

KARACHI: Pakistan stock market received a battering on Thursday losing over 1420 points in intra-day trading as the first coronavirus case was reported in the country.

The benchmark KSE 100 index fell below the 37,000 points level, the lowest points in over three months. The indices reached its lowest point at 36,918.22 points before it finally recovered to cover its loss. The bourse eventually closed with a decline of 251.01 points (-0.66%) and closed at 38,087.32 points. The total volume of shares was 182.76 million valued at Rs8.59 billion.

The lower bench KSE 30 index also declined by 68.41 points (-0.39 percent) and closed at 17,576.21 points. The total volume of shares was 103.176 million. The share prices of the top active stock notably Unity (-3.72%), Hascol (-4.02%), BOP (-0.96%), TRG (-1.80%), PIAA (-7.49%), FFL (-5.14%), PIBTL (-1.94%), and Fauji Cement (-3.16%).

Investors resorted to panic and dumped stocks after two people were confirmed with the deadly coronavirus. The market has already shed over 1500 points in the past two days over fears that it could reach the country. The virus case was reported in Karachi who had recently traveled to Iran. The neighbouring country has reported at least 15 deaths while Pakistan has sealed the border and halted all flights.

The global stock market was also affected by the economic consequences of the virus. The Pakistan Stock Exchange reciprocated and plunged as stocks were seen across the board on low volumes. The domestic equity has declined by over nine percent in the past six sessions.