Coronavirus fears: Pakistan Stock Exchange plunges over 2000 points

KARACHI: Bloodbath continues at Pakistan Stock Exchange as KSE-100 index dropped by 2100 points in intraday trading, ARY News reported.

The PSX market halted trade for 45 minutes-the fourth time after the index suffered another major loss here on Monday.

The KSE-100 index is currently trading at 33,952 points and lost level of 34,000.

It is pertinent to mention here that at least 41 more people were confirmed positive for the novel coronavirus in Sindh on Monday morning, pushing Pakistan’s tally to 94.

Meanwhile,

Chinese stocks tumbled Monday as investors sold out on fears about the global spread of the coronavirus and its potential impact on the world economy, analysts said.

The benchmark Shanghai Composite Index closed down 3.40 percent, or 98.18 points, at 2,789.25, while the Shenzhen Composite Index on China’s second exchange fell 4.83 percent, or 86.96 points, to 1,712.02.

Hong Kong’s Hang Seng Index was down 4.60 percent in afternoon trade

The losses were in line with another plunge across Asia as an emergency policy easing measures by central banks including the Federal Reserve, Bank of Japan, and Reserve Bank of Australia failed to ease investors worries.

Oil prices extended losses on Monday, slumping by more than $1 a barrel, as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus and mounting economic disruptions.

Over the weekend, more governments locked down by cancelling flights to contain the virus, telling some businesses like restaurants to close and encouraging more people to stay home.

Brent crude fell $1.83 to $32.02 a barrel by 2331 GMT, extending a plunge of over 20% last week. The front-month price opened at a high of $35.84 but slipped a low of $31.63.