Karachi, April 07, 2022 (PPI-OT): View from the desk

KSE-100 index kicked off on a positive note making an intraday high of 44,350 but eventually witnessed a downturn due to selling pressure and closed at 43,787, down 324 points DoD. Total traded volume stood at 141mn shares where GGL (+2.0%), PAEL (+1.7%), KEL (-0.3%), TELE (-0.7%) and GGGL (+3.9%) were the major contributors. UBL, HINOON, HUBC, MEBL and EPCL were the main laggards today.

Market participants were mainly sellers amid uncertainty around the pending Supreme Court verdict regarding legitimacy of deputy speaker’s ruling. On the other hand, local currency also remained under pressure dampening market sentiments as dollar climbed above Rs.188. Going forward, we recommend investors to stay cautious and wait for major dips to avail any downside as buying opportunity in value stocks.