PSX sheds 101 points

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The Pakistan Stock Exchange (PSX) turned bearish on Wednesday amid political turmoil in the country, with the benchmark KSE-100 Index shedding 101.14 points (-0.23 percent) to close at 44,337.56 points.

The PSX opened on a negative note and neared the day’s low at the opening; however, the market eroded its all loss of the day and touched the day’s high during the next two hours. Later, the index turned bearish again and hit the day’s low within the next two-and-a-half hours.

However, the last hour trading lessened the day’s loss to a great extent as the index gained over 350 points during this period. Though the political situation in the country favoured a bearish trend, the global rally in stocks kept the index’s loss in check.

Asia shares joined a global rally as hopes rose for a negotiated end to the Ukraine conflict, while bond markets signalled concern overnight that aggressive rate hikes could damage the US economy . TLTP

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