PSX loses almost 1500 points as traders see red
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Bears ruled the roost at the Pakistan Stock Exchange (PSX) on Monday as its benchmark KSE-100 index shed nearly 1,500 points in intraday trading.
The bourse was under severe selling pressure right from the opening bell, with KSE-100 losing 514 points and sinking to 44,037 within the first 10 minutes.
Following a brief respite, the market continued its downward trajectory again, reaching the day's low at 43,050.88 points and representing a loss of 1,472.45 points.
At 12:00PM, the KSE-100 index was trading at 43,435.72 points shedding -1115.63 from the previous close of 44,551.35 as the market value depreciated by 2.5 percent.
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.
PSX's troubles today were in line with what happened in global equity markets, which plunged in unison, while oil prices soared to a near 14-year high and safe-haven gold broke $2,000 as investors grew increasingly fearful about the impact of the Ukraine war on the global economy.