Pakistan Stock Exchange takes a strong hit from the FATF Asia Pacific Group decision

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Pakistan Stock Exchange takes a strong hit from the FATF Asia Pacific Group decision

KARACHI: Bears took charge of the Pakistan Stock Exchange (PSX) on Monday, with the indices failing to sustain gains accumulated in early trade and closing in the red.

Global equity markets, on the other hand, displayed a positive trend, whereas crude oil prices slipped lower from the previous close; WTI oil price falling 1.21pc to $40.11 while Brent crude price declining 1.05pc to $42.40.

“The market braced the impact of the FATF’s Asia Pacific Group decision to maintain Pakistan’s position on ‘Enhanced Follow-up List’, which was primarily an evaluation based on Pakistan’s performance as of February 2020,” said a report issued by AHL Ltd. “The index, which started the day positively, all of a sudden felt quite heavy to retail investors, who considered it best to book profit and close positions.”