Coronavirus scare takes over stock market KSE-100 recorded its biggest intraday loss in a year, but recovered most ground to close 251 poi.

KARACHI -- The Pakistan Stock Exchange (PSX) took a major hit on Thursday following the confirmation of two coronavirus cases in the country. Investors resorted to panic selling which led to the KSE-100 Index falling below the 37,000 points mark intraday. Shedding 1,420.11 points in the opening two hours of the session, the KSE-100 Index recorded its intraday low at 36,918.22. However, it managed to recover most of its losses by the end and settled at 38,087.32 (- 251.01 points). Among other indices, the KMI-30 Index lost 575.80 points to close at 59,544.08, while KSE All Share Index ended 290.99 points lower at 26,396.96.

It may be noted that Thursday's intraday drop was the biggest recorded since last year, when the Pakistan Air Forced downed an Indian fighter jet, whereby the market had dropped 1,500 points as fears regarding an Indo-Pak war had escalated. The overall market volumes surged 69pc on Thursday and were recorded at 249.24 million. Unity Foods Limited (UNITY -3.72pc), Hascol Petroleum Limited (HASCOL -4.02pc) and Maple Leaf Cement Factory Limited (MLCF +4.91pc) led the volume chart, exchanging 29.43 million, 17.54 million and 15.07 million shares, respectively. Sectors that drove the KSE-100 Index south included oil and gas exploration (-131.24 points), oil and gas marketing sector (- 50.34 points) and food and personal care (-42.38 points). Among the companies, Pak Petroleum Limited (PPL -54.64 points), Oil and Gas Development Company Limited (OGDC -46.00 points) and Pakistan Oilfields Limited (POL - 30.96 points) dented the index the most. 'Simply put, it is a spillover of coronavirus...