Total chaos at PSX as share index loses 1,700 points

It was total chaos at the Pakistan Stock Exchange (PSX) today (Thursday), as it shed 1,716 points and closed at 35,956.69, despite the fact the trading was halted for 45 minutes to control the downward trend.

It was for the second time that trading was halted at the Stock Exchange this week because of the huge losses being suffered by the companies and investors.

During the early trading, the KSE-100 Index was down by 700 points. Later, the trend continued as it lost 1,324 points by noon, resulting in the suspension of the trading for 45 minutes.

At that time, the KSE-100 Index stood at 36,348 points after starting the trade at the level of 37,672.

But the lack of confidence amid the economic uncertainty around the globe and especially in Pakistan over coronavirus pandemic meant that the losses continued even after the business restarted.

When the trading closed on Thursday, the KSE-100 Index stood at 35,956.69 points.

It was in sharp contrast to Wednesday when the share prices had remained stable on Wednesday however it lost 22 points (0.06%) at the KSE-100 index and closed at 37,673 points in comparison to the market closed on the previous day at 37,697 points.

Experts are now talking about flooring the share prices if the index continued the freefall.