Karachi, April 21, 2022 (PPI-OT): View from the desk

Benchmark index witnessed another downward spell today as selling continued across the board. The index managed to close at 45,653, down 290 points DoD. Total traded volume stood at 186mn shares where LOTCHEM (4.5%), CNERGY (3.0%), PRL (5.8%), HUMNL (2.2%) and GGL (0.2%) were the major contributors. PKR/USD further weakened today by 0.6% during the day, whereas T-Bill yields increased by 70bps in yesterday’s auction. Both these developments also dampened investor sentiments. Going forward, we recommend investors to buy on dips as market approaches the 45,500 level; especially in Refineries, Banking and Oil and Gas sectors.