PSX bleeds 1,162 points as global markets slump.

KARACHI -- Pakistani stock market was rattled on Friday as it joined the rout in global equities. Economists fret over sharper than expected downturn in world economies as the novel coronavirus outbreak goes on to invade more than 40 countries.

The KSE-100 index tumbled 1,162.44 points (2.95 per cent) and settled again below the 39,000-level at 38,219.67, wiping out Rs186 billion from paper value of corporate Pakistan.

Investors continue to dump stocks and plough their money in safe haven assets, mainly gold. Foreigners in Pakistan capital market continued to sell off scrips valued at $2.29 million, taking the one-month outflow to a staggering $60m.

Although local individuals strived to support the market by taking fresh positions worth $6.83m, nervous investors' sentiments were further dampened by the decline of $175m foreign inflows in treasury bills in the last auction amid falling yields.

Regardless of the red spread all across the board, the cement sector continued the rally with several stocks hitting their upper circuits in the first 15 minutes trading. However, investors turned to profit-taking as the growing selling pressure in the market refused to subside.

Stocks in the energy sector dropped as global oil prices slid to the lowest level since June, 2017. The international oil cartel, Organisation of Petroleum Exporting Countries, was reported to be mulling supply cut to world markets by 1.5m barrels a day which was subject to the consent of main ally Russia.

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