Bloodbath at PSX as KSE-100 index plunges over 1200 points
- By Anjum Wahab -
- Mar 07, 2022
KARACHI: Pakistan Stock Exchange (PSX) on Monday fell like a house of cards and lost over 1200 points amid country’s tense political situation and Russia-Ukraine conflict, ARY News reported.
The market came under intense selling pressure from the start of trading as the KSE 100-index shed 1284 points.
The KSE-100 index was closed at 43,266 points.
The investors said that the PSX is witnessing a bearish trend as the investors are not showing trust in the market after the recent tensions between Russia and Ukraine and the tense political situation in Pakistan.
On the other hand, oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider banning imports of Russian oil.
Talks to revive Iran’s 2015 nuclear deal with world powers were mired in uncertainty on Sunday following Russia’s demands for a U.S. guarantee that the sanctions it faces over the Ukraine conflict will not hurt its trade with Tehran. China has also raised new demands, according to sources.
In response to Russia’s demands, U.S. Secretary of State Antony Blinken said on Sunday that the sanctions imposed on Russia over its Ukraine invasion have nothing to do with a potential nuclear deal with Iran.