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Shares at PSX plummet as fears of second Covid-19 wave take hold

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Staff Reporter

Karachi

Shares at the Pakistan Stock Exchange (PSX) fell freely on Thursday. The benchmark KSE-100 index shed more than 1,900 points, as several countries including Pakistan announced restrictions to contain a second Covid-19 wave.
The sell-off began with the opening bell as the benchmark, which had closed at 41,187 yesterday, lost over 1,400 points in the first seven minutes of trading. The trend continued and by 2:27pm in the afternoon, the market reached an intra-day low of 31,283, down 1,903 points – or 4.6 per cent.
However, in the late afternoon session the market reversed some of its losses, gaining 605 points from the day’s low to end up at 39,888 – down 3.15pc.
In percentage terms, the last time the benchmark saw an equivalent single-day decline was earlier this year on March 17, days before the country went into its first extensive lockdown to curb the spread of the coronavirus.
The market came under pressure today as international markets were also down due to a rising number of coronavirus cases.

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