KARACHI: Shares have been massacred as stock market index plunged over 1,700 factors on Thursday, triggering a halt in buying and selling and dragging the index to ranges final seen in August 2019.
Investor sentiment remained weak as threats of a looming recession and a lock-down within the nation panicked buyers.
Because the tally of circumstances within the nation soared to 300, the nation reported two deaths which additional wreaked havoc.
Furthermore, the persistent decline in international shares and oil costs additionally fuelled the bearish pattern.
At 9:37am, the KSE-100 stock market index – a benchmark for market efficiency – was down 1,752 factors or 5.76% to face at 28,664.04.
AHL Head of Analysis Samiullah Tariq informed The News Observers that an total weak sentiment, declining international equities and risk of an entire lockdown stored buyers cautious. Traders adopted a ‘dump and run’ technique because the market continued to freefall.
Worries over a serious decline on globak GDP additionally added to the woes, Tariq added.
Promoting was seen in all shares throughout the board.
The greenback surged and all the things else was blown away on Thursday as emergency central bank measures in Europe, the USA and Australia did not halt a recent wave of panic promoting.
“There’s no consumers, there’s not a lot liquidity and everyone seems to be simply getting out,” stated Chris Weston, head of analysis at Melbourne brokerage Pepperstone.
Shares, bonds, gold and commodities fell because the world struggles to comprise coronavirus and buyers and companies scramble for laborious money.