Stock markets across the world witnessed a fresh round of panic selling in the wake of Coronavirus cases being detected in Iran and Afghanistan. Pakistan was not immune to the pressure either and the stock market shed over 1100 points during Monday.
At the end of the day, the benchmark index, KSE-100 lost 1105 points or -2.75% to settle at 39,143 points.
The market saw an intra-day low 1170 points during the day.
Adnan Sami Sheikh, AVP research at Pak Kuwait Investment Company noted that Pakistan’s Market declined in line with global markets due to risk that coronavirus may have major impact on global trade as it’s on the brink of becoming a pandemic.
Usama bin Saeed, Senior Trader Equities at Cedar Capital stated that Cyclical, Banks & Oil pushed the overall sentiment of the market downward on the back of Coronavirus outbreak China and affects UK, Canada, Iran & Afghanistan.
He stated that foreign selling was also witnessed in Pakistan, however globally international markets were down.
HBL (-2.9%), UBL (-3.6%), OGDC (-3.2%), PPL (-4.6%), LUCK (-2.7%), DGKC (-4.9%), ENGRO (-2.3%) & HUBC (3.2%) were the major losers of the aforementioned sector.
Banking sector led the decline as the sector lost more than 311 points followed by E&P sector with -187 points with Fertilizer losing -158 points and and Power sector losing 94 points during the day.
Coronavirus cases were reported in South Korea and Iran with an increasing number of infectees and death toll rising.
Blood bath was also witnessed in core Asian markets, Vietnam (-3.2%), Pakistan (-2.75%), Bangladesh (-1%), noted Tundra Fonder AB.
It further stated that Europe had also started in a negative zone with -3.5%. Coronavirus is becoming a profound threat to global trade and economies. Economic growth numbers of many countries are already downgraded and unless tangible progress is made in curbing the virus spread, Tundra Fonder AB sees further downgrades.
In all, 144.28 million shares were traded at the exchange. Of the 336 scrips traded, 48 advanced, 271 declined and 17 remained unchanged.
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