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Opening Bell: KSE-100 index loses 509 points

March 07, 2022 (MLN): In line with Asian markets, the benchmark KSE-100 index has also plunged on the rising fear among investors over the deteriorating situation between Russia and Ukraine, losing 509 points or a 1.1% decline [9:44 PST] so far in morning trade and is currently trading at 44,067.28.

Investors' sentiments have also dampened over the raging commodity prices as the oil prices soared to a near 14-year high and safe-haven gold traded beyond the mark of $2,000 in the international market. 

On the domestic front, the market participants are being cautious about the upcoming monetary policy announcement as the monetary policy committee (MPC) will have to take into account not only the short-to-medium outlook for inflation, commodity prices and current account deficit but also the political sentiment in the country.

Meanwhile, Pakistan remained on the grey list of the Financial Action Task Force (FATF) despite the fact that Pakistan had fulfilled the anti-money laundering watchdog's maximum technical requirements which also shattered traders' confidence. 

Cement, Technology & Communication, Fertilizer sectors have witnessed selling activity as they lost 85, 74, and 67 points respectively so far.

Scrip wise, LUCK, HUBC, TRG, EFERT, MTL, SYS, MARI, and ENGRO have endured the maximum losses.

Copyright Mettis Link News

Posted on: 2022-03-07T09:43:19+05:00

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