Karachi, May 18, 2022 (PPI-OT): View from the desk

The KSE100 Index opened in the negative zone, however witnessed a quick recovery, closing at 43,027, up 301 points. Volumes traded accumulated to 279 million shares with WTL, CNERGY, TELE, GGL and PAEL cumulatively contributing 36% to the tally. IMF talks have been resumed in Doha, where we believe market participants are anticipating that Pakistan will strike a deal with the Fund. Any progress on the aforesaid development is expected to further uplift the Index towards 44,000. Market strategy is suggested to take any dips as an opportunity to buy, where value hunting is advisable on oversold stocks. Cement, Fertilizers and Banks looks attractive at current levels.