Pakistan Stock Exchange sheds 286 points

KARACHI: Pakistan Stock Exchange (PSX) on Thursday witnessed bearish trend as KSE-100 index plunged 286 points, ARY News reported.

The Pakistan Stock Exchange plunged over 2000 points in the intraday trading but recovered at the closing day.

The KSE-100 index closed at 30129 points as compared to 30416 points on the last working day.

The-100 index lost 2201 points on Wednesday.

It must be noted that the KSE-100 index had lost over 5,6800 points in the last three trading sessions.

Meanwhile, Oil prices pulled back from a massive early rally Thursday as a plan by the European Central Bank to buy huge amounts of bonds failed to calm coronavirus-ravaged markets.

US benchmark West Texas Intermediate had surged more than 17 percent at the open in Asian trade, recouping enormous losses Wednesday when prices hit 18-year lows.

But it lost a large chunk of those gains in the afternoon, and was trading up almost 12 percent at $22 a barrel.

International benchmark Brent crude initially jumped 8.5 percent but lost ground later, and was up 4.6 percent at $26 a barrel in late Asian business.

Asian stocks also made strong early gains on the ECB move but later slipped into negative territory as optimism about the plan was eclipsed by concerns the global economy is headed for a long, deep recession.