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

A bloodbath was witnessed at the local bourse today as KSE100 index made an intraday low of 1,500 points. The index managed to partially recover towards the end of the session closing at 43,267, down 1,284 points compared to the last trading day. Major world indices also slumped today, as soaring crude prices triggered concerns of a major inflationary shock for the global economy. Volumes stood at 237mn shares where top volume contributors were HUMNL (-5.7%), WTL (-4.4%), TRG (-7.4%), TELE (-7.5%), GGL (-7.5%) and UNITY (-7.5%). Major Index laggards today were LUCK, HUBC, TRG, SYS, HBL and UBL. Going forward, we recommend investors to adopt a buy on dips strategy and focus on blue chip stocks.