Pakistan Stock Exchange loses 667 points

KARACHI: The Pakistan Stock Exchange (PSX) continued its downward trend on Wednesday as the 100-index lost 667 points, amid threats occurred due to coronavirus outbreak, ARY News reported.

Stock analysts say the market is showing bearish trend due to panic as new wave of coronavirus cases took their toll on the global markets.

The benchmark KSE-100 index lost 667 points at midday. The index is currently trading at the level of 38,191 points.

It may be noted that the Pakistan Stock Exchange had lost as many as 1,178 points in first two days of the current trading week. On Tuesday the index had lost 359 points and on Monday the index shed 819.55 points.

More than 2700 people have died in China due to coronavirus, deaths have been reported from France, Italy, United States and now from Iran and Afghanistan.

Asian markets were mixed Tuesday as bargain-buying after the previous day’s bloodbath tempered fears that the coronavirus will develop into a pandemic and hammer the global economy.

News at the weekend that COVID-19 was now spreading and claiming lives far beyond China sparked a flood to safety on trading floors across the world, with the Dow on Wall Street suffering its worst day in two years.