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Karachi Stock Exchange crashed after losing 2,200 points during coronavirus outbreak, struggles to recover

KARACHI: On Monday 9 March 2020, the benchmark of Pakistan Stock Exchange KSE-100 index loses 2,106 points, as the bell started after a major disruption due to coronavirus outbreak, which forced the authorities to stop the trading for quarter-hour.

On Friday, the index had been closed at 38,220 points, however, before the suspension of trade, the points shredded to 2,106 (5.51%).

This crash ignited the global trade of coronavirus spreading and fear. It stopped the slowdown economically affecting the price war of crude oil between Saudi Arabia and Russia. 

A major part of the world was heavily affected on the trading floor, including a massive crash in Sydney, Tokyo, and Manila lost up to 6% of their points. Whereas Hong Kong shed 3.5% by the afternoon.

Chinese market of Shanghai and Tapei plunged 2% while major parts of South Asia including Mumbai, Singapore, Seoul, Jakarta, and Wellington went down up to 3% and Bangkok gave up 5%. 

On Friday, Europe and Wall Street plunged from a great number disrupting the trade. A press release was written by the management saying that PSX has triggered a market halt at 9:37 am which will last for 45 minutes. This halt is held as a protocol for the management of risks. However, the stock analysts of Pakistan look at this crash as a temporary setback

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