KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday plunged by 2000 points as KSE-100 index closed at 28,596 points.
The Pakistan Stock Exchange opened for trading two hours late at 11:30 am on Tuesday. The PSX triggered a market halt at 11:30 am due to a 5 per cent decline in KSE-30 Index.
When the exchange re-started its trading, the KSE-100 index went further down to 2044 points at 28,623 level.
Meanwhile, the Pakistan Stock Exchange (PSX) has launched a new product, the Exchange Traded Fund (ETF), said a press release issued on Tuesday.
With this product, the PSX has joined the list of stock exchanges in the world offering ETFs which are investment products combining the returns offered by the stock market with the diversity offered by a mutual fund. The PSX has launched two ETFs, namely the UBL Pakistan Enterprise ETF offered by UBL Funds and NIT Pakistan Gateway ETF offered by National Investment Trust (NIT).
Meanwhile, world stock and oil markets rallied Tuesday after the US Federal Reserve launched an unprecedented bond-buying plan, the latest salvo in a global fightback against the fallout from the deadly coronavirus outbreak.
European equities charged higher as investors shrugged off grim survey data showing collapsing eurozone and UK business activity in March.
The dollar beat a retreat from Monday’s three-year peak against the euro on the Fed news. In turn, that lifted crude oil prices which have been battered in recent weeks as coronavirus saps demand.
London stocks won more support after Britain became the latest western nation to implement a nationwide lockdown to help curb the spread of COVID-19.
“Stock markets in Europe are higher… as traders picked up the bullish baton from the indices in Asia,” said CMC Markets UK analyst David Madden, who also noted that traders had been expecting the “brutal” survey data.
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