Stock market drops more 400 points as virus continues to demotivate investors

KARACHI – Panic and uncertainty continues to demotivate potential investors on Tuesday at the Pakistan Stock Exchange as the benchmark KSE-100 Share Index further lost 421.68 points or 1.08pc in the early trading hours and reached 38,722.05 . As of 11.34am, the apex of the day remained 39,247.75 whereas 38,693.02, the lowest so far.

Experts opined that global fund managers have been selling off equities across Southeast Asia, and so Pakistan has been also taking an impact. Stock markets across Asia, including Japan, Singapore, Korea, Thailand, Jakarta and India, also saw a sharp plunge. On a positive note, investors were relieved as the prime minister announced no change in gas and electricity prices until at least the next budget against rumours of an earlier increase. Moreover, the foreign exchange reserves continued to rise for the 20th week, crossing the $12.5bn mark.

Spot gold prices rose for a fifth straight session and touched a 7-year high while the U.S. 30-year Treasury bond yield set a record low. MSCI’s global gauge of stocks fell 3% and the three major U.S. indexes also fell more than 3%. “It is not as though the numbers have changed dramatically; but what has changed is the geography, which adds a new level of concern,” said Art Hogan, chief market strategist at National Securities in New York.

MSCI’s gauge of stocks across the globe shed 2.97%, its biggest single-day decline since June 24, 2016. “The idea that the coronavirus has been fully contained has been firmly banished,” said Chris Beauchamp, chief market analyst at IG. “This means the economic forecasts of the impact, such as they are, will need to be revised, with a greater impact now to be expected.”Benchmark 10-year notes last rose 29/32 in price to yield 1.3738%, from 1.47% late on Friday. The 30-year bond touched a record low yield of 1.811.

پاکستان تازہ ترین خبریں, پاکستان عنوانات

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