KARACHI: Trading in Pakistan halted for the fifth time in eight working days as after the KSE-30 index decreased by 5 percent.
Sources revealed that the KSE-100 index decreased by nearly 5.16% to 30,934 points.
Panic in the trading sector caused the index to decrease over 1,682 points in early trading, which halted the trading activity for over 45% according to the new PSX rules.
The market halt prompted at 10: 17 am. Sources say that all equity and equity-based derivative markets shall be closed for 45 minutes and shall open again after a 5-minute pre-open session.
Note that the KSE-100 decreased by almost 22% in just nine working days.
Managing director at Khadim Ali Shah Bukhari Securities A.A.H Soomro said that the monetary cut was less than punters, media personnel, and industrialist and fund managers’ expectations. He also said that the SBP has not decreased the minimum deposit rates for the banks to the extent of 74 bps. He said that this would cause compression in banks’ margins and the market consequently shows disappointment.
Asian shares have caused the fall of global markets as investors fear coronavirus will disrupt economic growth.
According to the international news agency, Asian shares across countries such as Japan, Hong Kong, and China, have plunged the morning trading.
Sources said that the Dow and S&P in the US having their biggest one-day reductions since 1987.
Investors said that emergency actions around the world would not be enough to handle the decline.
