Stock Market showed excitement after a long time as Covid infection rate & daily number of cases recede downwards. Advocating bullish trend from now – if the third waves’ intensity doesn’t get adverse – investors should position themselves for a leg up. Although, long holidays would keep some investors at bay, but valuations are ready for a jump as KSE 100 P/E ratio is below 6.7x.
KSE-100 closed up by 487.39 points to 44,563.59 levels with 222mn shares traded. Highest activity was recorded in UNITY (+7.49%) with 33.9mn shares traded, TELE (+7.27%) with 26.3mn shares and GGL (+6.00%) with 23.6mn shares traded.
High beta momentum stocks such as TRG, Unity Foods, Ghani Global Holdings & Attock Refinery saw positive upswings. Pressure was most seen in Netsol as the share prices have crashed from Rs ~300 to 134. We expect accumulation to continue over next two day before the long holidays. Investors eagerly await infection trend & clarity over budget measures.