LAHORE: Followed by record losses on Wall Street Monday, KSE-100 index crashed 803 points within the first fifteen minutes of trading on Tuesday during intra-day trading.
Frenzy set within first half-hour of intra-day trading on Tuesday, as KSE-100 index plunged over 800 points as stock markets across Asia exhibited major losses, following Wall Street’s record decline on Monday.
By 11:39 pm, KSE-100 index recouped some of its lost losses to trade at 43,863.40 points, down 437.80 points, as investors were keenly awaiting earning announcements later during the day.
US stock markets had enjoyed a stellar run in the past few months, by attaining record highs but that rallying lost steam on news of increase in interest rates, which lured local investors away from those stocks.
Amidst turmoil in global stock markets, drive by Friday and Monday’s losses erased the U.S. market’s gains from the start of this year, ending a spate of record-setting calm for stocks.
Asian stock markets on Tuesday dragged down Nikkei benchmark index in Tokyo falling 7.1 percent, Hong Kong’s Hang Seng index declining 5.0 percent to 30,628.22 and Australia’s benchmark S&P ASX 200 slid 3.4 percent to 5,820.20. South Korea’s Kospi declined 2.4 percent to 2,431.88 and the Shanghai Composite index was down 2.2 percent at 3,412.55.
