Karachi, November 05, 2021 (PPI-OT): View from the desk

KSE100 kick started the first session with 200 points plus and touched intraday high of 47,608 (+389 points). With the announcement by government to increase petroleum product prices by Rs8/litre, market pre-empted that nearby agreement with IMF would materialize soon. Total traded volume stood at 490mn shares with WTL (1.1%), GGL (5.5%), TELE (2.4%), FNEL (-4.2%), and HASCOL (9.8%) being the highest contributors to volume. Going forward market will keep vigilant on news flow regarding monetary policy and current account print for Nov’21.