Stocks extend losses on Russia-Ukraine conflict

The Pakistan Stock Exchange (PSX) extended overnight losses on Tuesday amid rising geopolitical tensions after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine, sending crude oil prices to nearly $100 a barrel. According to Topline Securities Ltd, the developing scenario panicked investors who indulged in hasty selling. As a result, the benchmark KSE 100 index saw an intra-day low of 664 points, but late value-hunting helped the benchmark index trim early losses. As a result, the KSE-100 index lost 350.68 points or 0.77pc on a day-on-day basis to close at 45,012.18 points. The situation also weighed on the currency market, where the local currency came under pressure, reversing the overnight trend by losing around 0.27pc against the US dollar in the inter-bank market. Heavy selling was witnessed in cement and technology stocks, where TRG Pakistan and System Ltd wiped out 109 points from the index.