Stocks plunge 351 points on high international oil prices

Stocks plunge 351 points on high international oil prices

KARACHI: Pakistan’s stocks plunged by 351 points on Tuesday due to surge in international oil prices.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,012 points as against 45,363 points, showing a decrease of 351 points.

Analysts at Arif Habib Limited said that the market remained under pressure today due to mounting international oil prices.

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New York’s West Texas Intermediate crude contract rose more than three percent on Tuesday as Russian President Vladimir Putin deployed troops to separatist areas of Ukraine.

Selling was witnessed throughout the day mainly in the tech and cement stocks, which led the market to stay in the red zone.

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In the last trading hour, value hunting was observed which led to recovery in the market.

Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include technology (-124.2 points), Cement (-54.1 points), Fertilizer (-40.5 points), Power (-38.3 points) and OMC’S (-20.7 points).

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Volumes increased from 137.7 million shares to 227.2 million shares (+65.0 per cent DoD). Traded value also increased by 111.1 per cent to reach $ 43.3 million as against $ 20.5 million.

Stocks that contributed significantly to the volumes include WTL, BOP, TELE, TRG and TPLP.

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