KSE-100 index plunging 846.93 points as index slips below 40,000

KARACHI (92 News) – The Pakistan Stock Exchange (PSE) began another week on a bearish note on Monday, with the KSE-100 index plunging 846.93 points as the index slipped below 40,000. The KSE-100 index plunging 846.93 points (2.16 per cent) as analysts pointed to a need for fiscal adjustment and the market reacted to the impact of the coronavirus outbreak hurting imports. The index, which had settled for the weekend at 40,143.63, fell to 39,296.70 points at the market's close. The apex of the day remained 40,150.34 points while the lowest the stocks tumbled to was 39,196.19. Gold became more expensive in the market. The price of gold per tola was increased by Rs150 after which the price of gold per tola becomes Rs90,600. However, the 10 grams of gold prices went up to Rs 77,675 after increasing Rs129. In the global market, the Gold increased by $1572 per ounce after increasing 1$. The value of dollar has been increase 3 paisa in inter-bank market and the dollar rate soared from Rs154.40 to Rs154.43 in inter-bank. In the open market, the dollar rose up 154.60 by increasing 10 paisa to 15 paisa. Markets across the Asia-Pacific region were also in the red with investors worried about the impact of Chinese coronavirus outbreak on the global economy. Reeling from the turmoil in global markets in addition to soaring inflation in the country, the Pakistan Stock Exchange fell below the 39,300-point mark as investors opted to offload stocks.