Dear Clients,
PSX had a sharp correction today. Starting the day on a flattish note, the sharp spike in the number of cases to 3495 today created fears of stringent lockdowns as Asad Umar warned on his twitter handle. The market had started melting afterwards. We saw minor rebounds at day end as investors pick some cherries at day end one day before the policy.
KSE-100 closed down by 726 points to 44,724.09 levels with 299.9mn volumes. Highest activity was recorded in BYCO (-0.59%) with 57.9mn shares traded, KEL (+0.49%) with 49.5mn shares and TRG (-6.29%) with 39.3mn shares traded.
We feel tomorrow would be a mixed to positive day as SBP meets to decide on Monetary Policy. Although, near unanimous view is of status quo, any surprise could bring renewed interest in the Banking Sector (Index heavyweight) that can neutralize bears in cyclical stocks. We expect no change tomorrow as growth takes precedence & economy is not overheating.
KASB Research
