Bloodbath Continues at PSX as Index Drops to Its Lowest in 52 Weeks

PSX continued the free fall on Thursday as the benchmark index dropped by 1752.01 or 5.8% to 28,664.04 amid Coronavirus fears as Pakistan reported two deaths because of the virus.

It is the lowest level since March 2015. Another halt was seen in the market today as the KSE-30 Index dropped below 5% for five minutes triggering a halt for 45 minutes. Trading was halted for the sixth time since last week; KSE-30 Index down 6.9%

Adnan Sami Sheikh, a senior market analyst said the markets are in free fall, the whole system is at risk. He added that valuations are approaching throw away levels, but the fear of catching a falling knife is keeping investors support on the sidelines, while those funds with public money try to exit at any possible level.

Gohar Rasool, head of international sales at Intermarket Securities told Bloomberg, ”Market opened in halt territory due to pending sell orders from the previous session. The coronavirus is spreading in Pakistan forcing businesses to shut and people to hunker down at home.”

According to Capital stake, KSE-100 has recorded a new 52 week low of 28,656.58 as it has lost 52% from its 52 week high touched in January 2020.

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