KARACHI: Bears take hold of Pakistan Stock Exchange (PSX) in he morning session of the day, as KSE-100 Index was hit by bearish trend and plunged more than 3,000 points on Monday.
During intraday trading, the stocks nosedived 3,297 points to drop to 115,499 points, witnessing a negative change.
On Friday, the 100-Index turned around to bearish trend after hitting the record high of 120,796.67 points. However, it retreated later losing 146.45 points and closing at 118,791.66 points.
A total of 553,668,391 shares were traded during the day whereas the price of shares stood at Rs35.492 billion.
As many as 457 companies had transacted their shares in the stock market, 151 of them recorded gains and 258 sustained losses, whereas the share price of 48 companies remained unchanged.
On the other hand, the Saudi stock market has crashed due to the impact of US tariffs and the decline in oil prices, resulting in a loss of 500 billion riyals.
The Saudi benchmark TASI index closed down by 700 points at 11,200. The oil company Aramco incurred a loss of 340 billion riyals in terms of share value, and the Saudi National Bank, along with other major companies, also suffered significant losses.
Meanwhile, major stock indexes plunged in Asia on Monday as U.S. President Donald Trump showed no sign of backing away from his sweeping tariff plans, and investors bet the mounting risk of recession could see the Federal Reserve cutting rates as early as May.
Futures markets moved swiftly to price in almost five quarter-point cuts in US rates this year, pulling Treasury yields down sharply and hampering the dollar on safe havens.
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