PSX 100-index recovers 641 points after initial crash

KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index has recovered 641 points after the initial loss of 2,106 points, ARY News reported on Monday.

Earlier in the day, the trading in the Pakistan Stock Exchange (PSX) was halted for 45 minutes after the benchmark KSE-100 index plunged 2,106 points.

If the KSE 30 index falls 4.5pc or more, trading is halted for 45 minutes.

The 100 index is currently trading at the level of 36,557 points.

Reuters reported that Global share markets tumbled 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.

Reuters reported Investors drove 30-year U.S. bond yields beneath 1% on bets the Federal Reserve would be forced to cut interest rates by at least 75 basis points at its March 18 meeting, despite only just having delivered an emergency easing.