KSE-100 Index sheds 1716.56 points, dollar gains 0.98 paisas

KARACHI: Despite the market halt, KSE-100 index declined by over 1716.56 points in Pakistan Stock Exchange (PSX) closing slightly below 36,000 points.

Stock markets tumbled across the world due the coronavirus epidemic and global shares crumbled after US President Donald Trump stunned investors by announcing a temporary travel ban from Europe in an effort to curb the spread of the virus, threatening more disruptions to businesses and the world economy.

Oil prices also fell following the travel restrictions by the US after the World Health Organization (WHO) described the outbreak as a pandemic.

Brent crude LCOc1 was down $2.01, or 5.6%, at $33.78 by around 0930 GMT. US crude CLc1 was down $1.77, or 5.4%, at $31.21.

Dollar gains:

The exchange rate of US Dollar against Pakistani Rupee witnessed increase of Rs 0.98 in interbank on Thursday and was traded at Rs 158.42 against Rs 157.44 yesterday.

However, according to Forex Association of Pakistan the buying and selling rates of Dollar in open market were recorded at Rs 156.75 and Rs158.5 respectively.

The SBP further reported that in interbank, the price of Euro appreciated by Rs 0.60 and was traded at Rs 179.37 against the last closing of Rs 178.77 on last trading day.

The Japanese yen remained stable at Rs 1.50 whereas a decrease of Rs0.79 was witnessed in the exchange rate of British Pound which was traded at Rs 204.93 as compared to its last closing at Rs 205.72.

The Exchange rate of UAE Dirham and Saudi Rayal witnessed increase of Rs 0.27 and Rs 0.26 to Rs 42.13 and Rs 42.20 respectively, the SBP reported.

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