Business

PSX plunges by over 2,400 points as coronavirus fears dampen market prospects

According to a notification by the PSX, trading was halted around 10:13 AM due to 5% decline in the KSE-30 Index

By Web Desk
March 16, 2020
Karachi Stock Exchange (KSE) 100 Index jumped by 799.47 points on Tuesday

KARACHI: The Pakistan Stock Exchange on Monday slumped by over 2,400 points as investors panicked over the supply disruptions and other factors ensued by the outbreak of the virus. 

A total of 215,437,490 shares were traded compared to the trade 290,470,770 shares during the previous day, whereas the value of shares traded during the day stood at 8.060 billion as compared to Rs 13.968 billion during last trading day.

As many as 346 companies’ transacted shares in the Stock Market Monday, out of which 18 recorded gain and 319 sustained losses whereas the share price of 9 companies remained unchanged.

According to a notification by the PSX, trading was halted around 10:13 AM due to 5% decline in the KSE-30 Index. All equity and equity based markets were closed for 45 minutes as well.

The objective of introducing market halt is to safeguard investors and market participants during volatile markets.