Karachi, December 02, 2021 (PPI-OT): View from the desk

Bloodbath was witnessed at the bourse as the KSE100 index nosedived to an intraday low of -2,282 points. The expectation of further monetary tightening and an expected all-time high Current Account deficit sparked panic selling across the board. The market closed at 43,234, down 2,135 points. Volumes stood at 387mn shares where top volume contributors were WTL (-8.2%), DCR (-2.5%), BYCO (-9.3%), UNITY (-7.5%), GTECH (-3.8%) and MLCF (-7.5%). Going forward, we recommend investors to remain cautious at current levels and wait for fresh buying.