Saturday, August 13, 2022

Ukraine invasion: PSX opens in red, sheds 624 points

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KARACHI: Pakistan Stock Exchange (PSX) on Thursday crashed and lost 624 points during initial trading as Russian President Vladimir Putin ordered military action in Ukraine.

The market opened with news of Ukraine’s invasion by Russia and the 100-index witnessed a bearish trend and shed 624 points.

The market is being currently trading at 44,508 points level. The investors said that the market is witnessing a bearish trend as the investors are not showing trust in the market after the recent tensions between the two states.

Meanwhile, oil prices hit $100 a barrel mark for the first time since 2014.

Read more: Oil rises, stocks struggle as Russia-Ukraine tensions mount

On the other hand, the Moscow Exchange said on Thursday morning it had suspended trading on all markets.

The exchange will announce the resumption of trading at a later date, it said.

Earlier in the day, Putin said he had authorised the special military operation in breakaway areas of eastern Ukraine after Russia had been left with no choice but to defend itself against what he said were threats emanating from modern Ukraine.

Read more: Vladimir Putin announces military operation in Ukraine

“Russia cannot feel safe, develop, and exist with a constant threat emanating from the territory of modern Ukraine,” Putin said.

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