Stocks fall in tumultuous week

The Pakistan Stock Exchange experienced a tumultuous week marred by escalation of Russia-Ukraine unrest, spike in oil prices and rise in trade deficit. As a result, the KSE-100 remained volatile and slid 404 points or 0.9% to close at 45,676 level. “Major reason for the negative momentum this week was higher oil prices triggered by the Ukraine-Russia conflict,” said JS Global analyst Muhammad Waqas Ghani. “The government also increased petrol prices by Rs12.03 per litre during the week which also included impact of increased petroleum levy (Rs4 per litre).” Trading on Monday began with a dip and the KSE-100 dived on the back of fears of a possible conflict between Russia and Ukraine which sent international oil prices soaring. Due to the looming crisis, panic selling was witnessed at international stock markets and the trickle down effect was borne by the local bourse as well. Investors rushed to secure their positions and offloaded stocks in view of deteriorating global cues. On the other hand, uncertain political situation of the country further dampened the trading ecosystem.