PSX sheds 359 points as spread of coronavirus sparks panic
- By Web Desk -
- Feb 25, 2020
KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday lost 359 points in what analysts say was a sign of panic as new wave of coronavirus cases took their toll on the global markets, ARY News reported.
The benchmark KSE-100 index lost 359 points before midday. The index is currently trading at the level of 38,784 points.
Yesterday, the benchmark KSE-100 Share Index level lost 819.55 points or 2.04pc.
More than 2600 people have died in China due to coronavirus, deaths have been reported from France, Italy, United States and now from Iran and Afghanistan.
Read more: Coronavirus outbreak: Pakistan border with Iran closed for third day
World Health Organization (WHO) had finally declared the coronavirus epidemic as a Global Emergency though Chinese National Health Commission insists that significant spread beyond China is not likely.
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.