Market watch: PSX index drops over 1,400 points to a three-month low

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KARACHI: Pakistan stock market dropped over 1,400 points to three-month low below 37,000 points in intraday trade on Thursday.

Investors restored to panic selling after Pakistan confirmed two people infected with the deadly Chinese virus on Wednesday.

“Pakistan market is down…after coronavirus cases reported in the country,” Topline Securities CEO Muhammad Sohail said in a brief comment

.The market had already shed around 1,500 points in the past two days on the expected entrance of the virus in the country. Globally, the virus has killed 2,774 people and infected around 78,500 people since December.

The virus has put the global economy and stock markets on downtown trends, as many countries are reporting casualties due to the virus and impacting the trade of global commodities.

At PSX, the selling is seen across the board with low volumes. Many stocks are lying close to their lower limits. Speculative mid-cap stocks are top volume leaders on the board.

During the last six sessions including today’s plunge, the domestic equity bourse went down by 9.0% (-3,644 points), Arif Habib Limited Head of Research Samiullah Tariq said. Last time such a decline was witnessed on 16-Aug-19 (-9.2%, -2,902points), he said.

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