Karachi, January 25, 2022 (PPI-OT): View from the desk

Market opened on a positive note amid news of status quo on interest rates in the monetary policy announcement by SBP. However, after touching an intraday high of 45,255, market lost ground to profit taking and closed at 44,888, down 36 points DoD. Major Index laggards were SYS, TRG, COLG, ENGRO, PPL whereas major volume leaders were WAVES, TRG, TREET, CNERGY and WTL. Going forward, ongoing rollover week, falling international markets and any uncertainty on the IMF front could bring more weakness in the local market. We have a buy-on-dips stance.