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

Lack of immediate triggers resulted in a lackluster, low-volume session for Pakistan equities. The KSE100 made an intraday high of 44,670 but slid down to 44,477 level by market close. Major contributors to the total volume of 176mn shares were WTL (-0.4%), TELE (-3.1%), SILK (2.6%), FCSC (31%) and TPL (-3.8%). On the news front, World Bank has revised down Pakistan’s GDP growth projection to 3.40% for FY22. The market needs strong triggers to overcome the 45,000 level. Investors are therefore advised to stay cautious and build exposures only on major dips in the market especially in the Banking, Fertilizer, Steel and Cement sectors.