Karachi, April 25, 2022 (PPI-OT): View from the desk

After previous week’s corrective sessions, bulls made a comeback today on the back of clarity on IMF’s program where IMF has reportedly agreed to extend the bailout package with an increase in loan size to US$8 bn. Index closed at 46,073 up 520 points DoD. Traded volumes stood at 369mn shares where HUMNL (3.7%), TELE (-7.1%), WTL (-5.5%), GTECH (-2.4%) and GGL (-3.1%) cumulatively contributed 44% to the total volumes. Interest was witnessed in PSO on the back of expected increase in petrol prices as per IMF’s demand. Major index leaders today were FFC, EFERT, EPCL, HUBC and SYS. Going forward, we recommend investors to avail any dips below 46,000 as a buying opportunity in the Refineries, Banking, Oil and Gas and cyclical sectors.