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Pakistan Stock Exchange sheds over 1,700 points

Pakistan Stock Exchange sheds over 1,700 points

KARACHI: The Pakistan Stock Exchange (PSX) has declined by over 1,700 points as the KSE-100 Index has fallen below the psychological barrier of 36,000 points.

Stock markets are tumbling across the world due the coronavirus epidemic and global shares crumbled after US President Donald Trump stunned investors by announcing a temporary travel ban from Europe in an effort to curb the spread of the virus, threatening more disruptions to businesses and the world economy.

Oil prices also fell following the travel restrictions by the US after the World Health Organization described the outbreak as a pandemic.

Brent crude LCOc1 was down $2.01, or 5.6%, at $33.78 by around 0930 GMT. U.S. crude CLc1 was down $1.77, or 5.4%, at $31.21.

The US dollar also gained value against the Pakistani rupee in both interbank and open markets. The greenback increased by 88 paisa in interbank market to trade at Rs 159.30, and by 50 paisa in open market to trade at 158.50.

The price of the US dollar has surged by Rs 5.05 in interbank market and by Rs 4.20 in open market in four days.