PSX witnesses bloodbath as KSE-100 index drops more than 6,000 points; trading halted

Karachi: The Pakistan Stock Exchange is witnessing a sharp decline on the first day of the business week.

The Pakistan Stock Exchange witnessed a sharp decline at the start of trading, with the 100 index falling by 3,297 points to 115,499.

Later, the Pakistan Stock Exchange witnessed a record decline, with a decline of more than 6,000 points in a single day, after which the 100 Index fell by 6,153 points to 112,637 points, after which trading was temporarily halted.

It is pertinent to note that on the last day of the last business week, the stock exchange witnessed a sharp rise at the start of business, with the 100 Index in the Pakistan Stock Market touching the 120,793-point mark with an increase of more than 1,800 points.

However, at the end of the business day, a sudden decline took hold in the stock market, due to which the 100-index closed at 118,791 points with a decrease of 146 points.

Saudi stock market crashes

On the other hand, the Saudi stock market also crashed due to the effects of US tariffs and falling oil prices, causing a loss of 500 billion riyals.

The Saudi benchmark Tassi index closed at 11,200, down 700 points. Oil company Aramco lost 340 billion riyals in shares, and the Saudi National Bank and other major companies also suffered significant losses.

According to Saudi media, the stock markets of Qatar, Kuwait, Muscat, and Bahrain also fell. The Kuwait stock market fell by 6.6 percent, the Qatar stock market by 5.5 percent, the Muscat market index fell by 2.1 percent, the Bahrain stock market by 2.5 percent, and Oman by 2.6 percent.

Saudi media has further reported that the Gulf stock markets recorded the biggest decline since May 2020.