The downward trend in the US stock market resumed on (08/03); marked by a 0.73% correction in the S&P 500 index. US President Joe Biden announced a ban on imports of oil and other energy commodities from Russia. WTI oil prices continue rising to the level of USD 125/barrel, while the global benchmark Brent crude oil penetrated the level of USD 130/barrel.
From the domestic market, the JCI declined 0.8% to a level of 6,814 yesterday; marked by weakness in 9 of the 11 sectoral indices. Apart from being burdened by geopolitical factors from Ukraine – Russia, investors are also seen taking profit taking on energy stocks which have experienced a significant rally. For today, the benchmark index is expected to consolidate within the range of 6,800-6,950.
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