Trading at PSX Halted once More as Shares Fall 1,752 Points

Trading at PSX Halted once More as Shares Fall 1,752 Points

Trading at the Pakistan Stock Exchange was halted for a second consecutive day on Thursday when share prices fell 1,752 points.

The market came to a halt around 9:35am when prices rapidly fell 5.76 per cent.

Yesterday, trading was halted around 10:15am after the benchmark KSE-100 index fell 1,682 points as investors reacted with disappointment to the lower-than-expected cut in the policy rate announced by the central bank on Tuesday.

On Monday, PSX had suffered its worst single-day decline in history.

Amid the mad rush to jettison shares – trigerred by the coronarvirus pandemic and the ensuing global economic slowdown – investors saw equity values hit their lower circuits.

As a result the KSE-100 index had plunged by 2,375.97 points, representing the steepest ever decline point-wise in a single day and a loss of 6.59 per cent, the heaviest one day drop in percentage terms, second only to the crash of 7.45pc witnessed on May 20, 2002.

A massive sum of Rs382 billion was wiped off the market capitalisation on Monday.