Karachi, April 28, 2022 (PPI-OT): View from the desk

The market faced another negative session today as selling was observed across the board. Index posted a slight recovery by the end of the session to eventually close at 45,249, down 284 points DoD. Total traded volume stood at 325mn shares where WTL (-1.2%), CNERGY (-6.5%), HUMNL (-2.6%), PAEL (1.3%) and PRL (0.4%) were the volume leaders. Major laggards today were HUBC, TRG, KTML, PPL and FFC. Major reason for the bearish mode was increase in yields in the secondary market which crossed 14%, indicating another policy rate hike in the coming MPS. Going forward, we recommend investors to avail any downside as a buying opportunity with special focus on value stocks.