ISLAMABAD: Pakistan’s stock market fell headlong on Thursday morning with more than 900 points as Russian invasion in Ukraine dominated the global attention and created tension and war fears.
The PSX index fell to 44,231 points on Thursday mid-day trading. In percentage the market lost 2 percent of its worth as tension mounted further globally amid fears of a full-scale war between Russia and Ukraine.
Analysts said the stock markets have become vulnerable in this scenario because the western countries are imposing sanctions on Russia while crude oil price is escalating to around $100/barrel amid full-scale war fears.
President President Vladimir Putin today announced military operation in eastern Ukraine’s Donbas region. A couple of days ago, Putin recognized two eastern regions of Ukraine as independent republics, practically dismembering Ukraine into three different countries. Today’s decision of launching a military operation in Donbas region of Eastern Ukraine has shocked the western leaders.
Russian leaders said the Eastern Ukrainian regions have sought their help against possible military action from Ukraine’s military.
Putin’s decision of launching military operation in Eastern Ukraine’s region Donbas is set to further trigger hike in crude oil prices above $100 a barrel while creating diplomatic tension in the world.
On Wednesday, USA, Japan, and Australia imposed sanctions on Russia while Venezuela has supported Russia saying the west was surrounding Russians militarily from all sides to destroy the country.
