Pakistan Stock Exchange gains 88 points

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KARACHI:

 The Pakistan Stock Exchange (PSX) on Tuesday bounced back, as the KSE 100-Index gained 88 points after losing 700 points on Monday.

The KSE-index is currently traded at the level of 40,498 points.

The PSX lost 700 points during the first day of the trading week. According to the economic analysts, the market has witnessed crash due to increasing inflation and bearish trend in the Asian Stock Markets amid coronavirus threat.

Meanwhile, Asian stocks bounced on Tuesday with Chinese markets reversing some of their previous plunge amid official efforts to calm virus fears, although investor sentiment remained fragile with oil near 13-month lows.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 1.5%, led by gains in South Korea .KS11 and Australia . Japan’s Nikkei .N225 edged 0.6% higher.

China’s markets steadied in choppy trade after anxiety over the spreading coronavirus erased some $400 billion in market value from Shanghai’s benchmark index on Monday as markets resumed from the Lunar New Year holiday.

Despite the relative market calm on Tuesday, the outbreak continued to generate concerning headlines with Hong Kong reporting its first coronavirus death, the second fatality outside mainland China with the total death toll now 427.

“Chinese authorities have been providing a lot of support for the financial markets. There’s a level of assurance that the rout would not be allowed to go on much further than necessary,” Christy Tan, head of markets strategy for Asia at National Australia Bank in Singapore.


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