Intraday Report: KSE-100 index plunges by 1,326 points

March 07, 2022 (MLN): Following the global markets, the benchmark KSE-100 index has further plunged by 1,326 points or a 3% decline [11:49 PST] so far in the intraday trade and is currently trading at 43,267.55 owing to the negative sentiments prevailing in the market due to higher commodity prices.

Sector-wise, cement has witnessed higher selling activity as it lost 233 points, followed by commercial banks and technology & communication with 227 and 121 points respectively so far.

Trading floors of global markets were a sea of red in early exchanges with experts warning of a period of stagflation with the spike in crude likely to light a fire under the already high inflation, as reported by AFP. 

The commodity at one point collapsed almost 18 percent to $139.13- a level not seen since mid-2008 -- after US Secretary of State Antony Blinken said the White House and allies were in talks about banning imports from Russia.

The panic on trading floors sent safe havens sharply higher, with gold -- a key go-to in times of crisis and turmoil- hitting as much as $2,000.86, its highest since mid-2020.

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