The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Monday, with the benchmark KSE-100 Index losing 1,284.38 points (-2.88 percent) to close at 43,266.97 points.
The PSX opened on a sharp negative note, losing around 500 points, and this bearish trend continued throughout the session. During the first 90 minutes trading, the index fell by around 1,500 points, which was also its lowest dip during the day.
The index moved in the red territory as international crude oil prices reached the highest levels since 2008 due to the Russia-Ukraine conflict, which dented the investors’ confidence.
Brent, the international benchmark for two-thirds of the world’s oil, hit $139.13 a barrel and West Texas Intermediate (WTI), the gauge that tracks US crude, jumped to $130.50 in early trading. Brent hit a record high of $147.02 on July 11, 2008 amid the global financial crisis, while WTI soared to $146.90.
The KSE-100 Index moved in a range of 1,500.47 points, showing an intraday low of 43,050.88 points and a high of 44,551.35 points.
Among other indices, the KSE All Share Index shed 780.76 points (-2.54 percent) to close at 29,917.45 points, while KMI All Share Islamic Index shed 623.68 points (-2.79 percent) to close at 21,693.74 points.
A total of 362 companies traded shares in the stock exchange, out of them shares of 44 closed up, shares of 296 closed down while shares of 22 companies remained unchanged. TLTP
