Pakistan Stock Exchange plunges by 2201 points

KARACHI: Pakistan Stock Exchange (PSX) continued to witness bearish trend as KSE-100 index lost 2201 points on Wednesday.

The trading halted for 45 minutes at Pakistan stock exchange for after the index suffered another major loss following the surge in coronavirus cases.

The KSEf-100 index closed at 30416 points.

It must be noted that the KSE-100 index had lost over 5,600 points in the last three trading sessions.

Meanwhile, Global stock and oil markets plunged Wednesday, as vast stimulus measures failed to offset heightened concerns that the worsening coronavirus outbreak will tip the world into a deep downturn, dealers said.

In European stock market trading, Frankfurt, London and Paris tanked around five percent in morning deals, after similar dizzying losses across Asia.

Before the market open in Paris, French regulators banned for one-month short-selling, or the betting that markets will fall — extending an initial one-day halt, in an effort to curb steep losses.

World oil prices spiralled lower on energy demand woes, with New York’s WTI crude touching a 17-year low at $25.08 per barrel, hurt also by a bitter price war between producers Saudi Arabia and Russia.