KSE-100 Index closed slightly negative today as Banking & Oil Exploration sectors remained negative. Volatility was witnessed in high beta sectors, such as Technology & Refinery. However, positivity prevailed in Construction related sectors; Cements, Steel & Glass. Prime Minister had hinted yesterday that he would speak to IMF chief for another package for Pakistan given the sharp rise in third wave. Similarly, IMF revised Pakistan’s growth upwards to 4% for next year kept the momentum upwards.
KSE-100 closed down by 451.1 points to 43,593.6 levels with 195mn volumes. Highest activity was recorded in TRG (+1.63%) with 38.3mn shares traded, DSL (+19.34%) with 30.3mn shares and ANL (-0.03%) with 22.9mn shares traded.
Book building of Servis Global Footwear started today with 100% already subscribed. Book building will continue tomorrow as well and strong response is expected as investors chase export-themed story with a JV with Chinese. We expect interest to continue to Construction related sector along with Engro Corporation tomorrow as expectations of cash deployment runs high among investors waiting for Engro to announce new projects.