Karachi, September 29, 2022 (PPI-OT): View from the desk

KSE-100 observed bearish momentum during the day closing in at 41,014, down 421 points DoD. Volumes remained low with 127mn shares traded with major activity witnessed in KEL (-1.6%), TPLP (-2.8%), TRG (-1.9%), NVL (4.8%) and FCCL (-0.7%). On the other hand, HBL faced pressure in the market over emergence of news relating it to a terror financing case in the US. Going forward, we recommend investors to stay cautious and wait for clarity in market sentiment before availing the downside as a buying opportunity.