The Pakistan Stock Exchange (PSX) turned bearish on Monday amid surging oil prices due to Russia-Ukraine tension, with the benchmark KSE-100 Index shedding 435.28 points (-0.94 percent) to close at 45,644.09 points.
The market switched between the green and red territories for the first 20 minutes and then surrendered to sellers in line with the trend set by global markets. Surging crude oil and commodity prices globally amid Russia-Ukraine tension, which have rattled the financial and equity markets across the globe, also kept the local bourse under pressure.
An increase in international coal prices hit the cement sector, which remained under pressure. Moreover, the rupee depreciated by 76 paisas (-0.43 percent) against the US dollar in the interbank market and fell to 175.47, which also dented the investors’ confidence.TLTP
