JS Securities Limited - JS Market Wrap (November 26, 2021)

FLASHNEWS:

KSE-100 Experiences Volatility, Closing Lower in Recent Session

KSE-100 Sees Decline, Mixed Indicators Suggest Uncertain Future in Karachi Market

Karachi Stock Exchange Sees Modest Movements Amid Varied Sector Performances

HBL Launches Women’s Tekken Tournament in Lahore to Empower Female Gamers

Pakistani Banks to Implement IFRS 9 Standards Starting January 2024

Cement Companies’ Earnings Outlook Mixed in Upcoming Quarterly Results

VIS Credit Rating Reaffirms ‘A+/A-1’ Ratings for Zephyr Power Limited with Stable Outlook

PTCL Group Reports 14% Revenue Growth in Q1 Amid Expanding Digital Services

Foodpanda and CIRCLE Partner to Boost Women Entrepreneurs in Pakistan’s Culinary Industry

Zong Business Partners with China Gezhouba Construction Management Services to Enhance Digital Operations

Exchange Rates Experience Minor Fluctuations in Pakistan’s Currency Market

Telenor Microfinance Bank Reports PKR 1.2 Billion Pre-tax Profit in 2023, Secures Digital Retail Bank License

Fly Jinnah Launches Islamabad-Muscat Route, Expands International Service

Sindh Government Commits PKR 14.7 Billion to K-IV Water Project

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JS Securities Limited – JS Market Wrap (November 26, 2021)

November 26, 2021

Karachi, November 26, 2021 (PPI-OT): View from the desk

KSE-100 index gained 178 points to close at the level of 44,144. Market remained range bound in the first half owing to news related to the reduction in SBP reserves, PKR/USD hitting a low of 176 in the open market and the expected outflow on Nov 30th due to MSCI rebalancing. The second session, however, was positive as finance minister’s clarification came in regarding tax exemptions and the fact that there’d be no new tax imposition in the upcoming Mini Budget. Total traded volume was 290mn shares today. Going forward, market is likely to keep a track on foreign flows and a cautious approach is recommended for investors.