Bearish trend: Trading at PSX halted for 45 minutes
- By Web Desk -
- Mar 12, 2020
KARACHI: The trading at Pakistan Stock Exchange (PSX) on Thursday was halted for 45 minutes, after the KSE-100 index plunged 1,324 points, ARY News reported.
PSX mostly witnessed bearish trends throughout the week and was trading at the level of 36,348 points, when the trading was halted due to continued downward trend.
The index lost four per cent of its volume on Thursday, as panicked investors fled headlong to bonds to hedge the economic trauma of the coronavirus, and oil plunged more than 30% after Saudi Arabia opened the taps in a price war with Russia.
According to the analysts, if the KSE 30 index falls 4.5pc or more, trading is halted for 45 minutes.
Read More: PSX 100-index recovers 641 points after initial crash
It may be noted that this is the second time in the week, that the trading has been halted for 45 minutes, earlier on Monday the trading was halted for 45 minutes, after the index had lost more than 2,100 points.
US Dollar hits eight-month high
The United States (US) dollar is on the rise again and has hit its all-time high in the last eight months on Thursday in the inter-bank market, ARY News reported.
The US dollar extended an upward trend against the Pakistani rupee in the inter-bank market for a third straight day registering a 58 paisa increase after stabilising at 158.90.