The stock market on Monday crashed during the early trading hours as confusion and uncertainty surrounded potential investors due to the decline in international oil prices by about 30 per cent — the worst since the Gulf War in the 1990s.
As per the details, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-Share Index tumbled 2,291.69 points or 6 per cent around 10 am, before recovering to 36,862.34 in the afternoon. The apex of the day remained 38,219.67 (the previous close) and 35,917.34, the lowest.
The crash was triggered amid a global sell-off on coronavirus fears as well as a crude oil price war between Saudi Arabia and Russia.
Trading floors were a sea of red across Asia, with Tokyo, Sydney and Manila plunging around 6 per cent, while Hong Kong shed 3.5 per cent by lunch.
Mumbai, Singapore, Seoul, Jakarta and Wellington were more than 3 per cent down, Shanghai and Taipei shed at least 2 per cent and Bangkok gave up 5 per cent. The losses tracked sharp falls in Europe and Wall Street on Friday.
“PSX has triggered a market halt at 9:37 am which will last for 45 minutes,” the management wrote in a press release. “The market halt is triggered as a standard protocol for risk management purposes.”
