Pakistan Stock Exchange loses 549 points

KARACHI: Pakistan Stock Exchange on Friday witnessed bearish trend as KSE-100 index lost 549 points on the last working day, ARY News reported.

The 100-index is currently trading at 40,175 points.

According to the economic analysts, the market has witnessed crash due to increasing inflation and bearish trend in the Asian Stock Markets amid coronavirus threat.

Meanwhile, Asian markets mostly fell Friday after a week-long rally as investors take profits and assess developments in China’s deadly coronavirus crisis.

Strong US data, Chinese financial support and a broadly healthy earnings season have provided a much-needed boost to equities after last week’s sell-off, while there is a sense that the economic impact of the outbreak globally could be limited.

Hong Kong, which has climbed around 4.5 percent this week, dipped 0.3 percent, while Tokyo eased 0.2 percent.

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Singapore and Taipei both fell more than one percent, while Seoul slipped 0.7 percent, Sydney shed 0.4 percent and Mumbai eased 0.5 percent. Manila and Bangkok were flat.

However, Shanghai added 0.3 percent to extend a rebound to four straight days as it recovers from a near eight percent drop suffered Monday, when it reopened after the Lunar New Year break.