Karachi, November 11, 2021 (PPI-OT): View from the desk

Today’s session started on a positive note where the market saw an intra-day high of 46,844 (up 214 points). However, the index failed to sustain the momentum in the later hours after PKR/USD was reported at Rs173.80 which jolted the index down to close at 46,348 levels. Total traded volume stood at 268mn shares with GGL (-3.2%), SERF (5.7%), TELE (-1.8%), TPLP (-1.3%) and WAVES (-2.9%) being the highest contributors. In the coming days, market’s direction will likely be contingent on the outcome of IMF negotiations.