Karachi, November 09, 2021 (PPI-OT): View from the desk

The index went towards the red zone since the start of the trading session on the news flow on uncertainty on the ongoing IMF discussions, increase in gas pricing for industrial sector, verbal rift from opposition in local politics and inflationary concern. All these reasons led to the Index to make an intraday low at 46,307 levels (-808 points). The market closed at 46,400, down 715 points. Total traded volume stood at 435mn shares with TELE (-0.1%), FFLR1 (-23.4%), FNEL (+10.0%), WTL (-5.4%) and GGL (-7.5%) being the highest contributors to total volumes. A cautious approach would be recommended as the market is likely to closely follow the upcoming MPS announcement, weekly inflation reading, development on IMF program and MSCI rebalancing in the remainder of this month.