PSX in re­cov­ery mode af­ter early-ses­sion shock

The Pak Banker - - FRONT PAGE - Staff Re­porter

IS­LAM­ABAD: The Pak­istan Stock Ex­change (PSX) made mid-ses­sion re­cov­ery af­ter early plunge fol­low­ing record-break­ing loss on Wall Street. The KSE-100 in­dex lost over 800 points within first 15 min­utes of the trad­ing on Tues­day fol­low­ing suit of mar­kets across the globe. How­ever, the mar­ket grad­u­ally re­cov­ered from the early shock, with the bench­mark KSE-100 in­dex creep­ing back.

Around 1pm, the in­dex stood at 43,844 points, re­cov­er­ing al­most 346 points from the early de­cline, with over 150 mil­lion shares worth Rs5.5 bil­lion traded. Ear­lier on Mon­day, the Dow suf­fered its worst points fall in his­tory, wip­ing out all its 2018 gains, while the S&P 500 also took a beat­ing to sit down for the year.

As a re­sult, Tokyo today led a col­lapse through­out the re­gion, div­ing more than five per cent, with Hong Kong down more than four per cent and Syd­ney sink­ing three per cent. Other as­sets were also ham­mered, with a slump in oil prices scyth­ing en­ergy firms, while higher yield­ing cur­ren­cies have also been fac­ing a de­cline.

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