Pakistan’s stocks tumble after oil plunge

Stocks
Islamabad, March 9, 2020 (dpa/NAN) Pakistan’s stocks on Monday plunged more than six per cent after oil prices crashed to an historic low due to massive supply cuts triggered by a slowdown caused by the Coronavirus outbreak.

The main PSX100 index at the Pakistan Stock Exchange shed up to four per cent as the market opened on Monday, forcing the management to halt trading for 45 minutes.

According to PSX official, Saeed Soomro, when trading resumed, the index fell further to 6.23 per cent as shares of most companies posted losses.

Soomro added that a slight recovery was made toward the mid-day but the market was unlikely to get stable. (dpa/NAN)
YI/MST
Edited by Yahaya Isah/Muhammad Suleiman Tola