Karachi, November 08, 2021 (PPI-OT): View from the desk

A lackluster session was witnessed today due to uncertainty over IMF program. The market touched a high of 47,442 (+147 points). Inflationary concerns and statement of Advisor to Prime Minister on Finance regarding further hike in levy on petroleum products triggered profit taking across the board. The market closed at 47,115, down 181 points. Total traded volume stood at 365mn shares with HUMNL (3.3%), TELE (2.1%), FNEL (-3.0%), GGL (2.2%) and WTL (-3.0%) being the highest contributors to volume. Going forward, we believe the market is keeping a cautious approach with anticipation of hike in policy rate in the upcoming monetary policy. It is recommended for investors to keep booking profits as any dip could be a buying opportunity.