Karachi, October 26, 2022 (PPI-OT): View from the desk

Bears took control over the KSE-100 today as it closed at the 41,540 level, losing 650 points DoD. Selling pressure was witnessed across the board due to the uncertain political situation. Traded volume stood at265mn shares where WTL (-8.4%), KEL (-3.8%), TRG (-7.5%), HASCOL (-6.2%) and HUMNL (4.1%) were the major contributors. We expect market to continue the downward trend and therefore recommend investors to avail this downside as an opportunity to accumulate position in blue chip stocks.