Karachi, March 17, 2022 (PPI-OT): View from the desk

Bulls make a comeback with the market marking an intraday high at the 44,281 level before eventually closing at 43,976, gaining 256 points DoD. Traded volume stood at 236mn shares where WTL (-1.8%), TREET (1.0%), TPLP (3.8%), AGL (4.8%) and TELE (-1.8%) cumulatively contributed 28% to the total volumes. Cement sector performance was noteworthy because of declining coal prices. Going forward, we expect range-bound activity in the market and recommend investors to avail any downside as an opportunity to buy in the Cement, Banking and E and P sectors.