MARKET CLOSING - 21ST SEP 2021

Pakistan bourse today remained under pressure, as the key index observed a retracement of 519.36pts (-1.12%), as the index closed at 46,008.85pts. The intraday trading for the day saw a high of 46,833.14 and a low of 45,778.19, as we saw the investors book their profits towards the end of the day. The all share volume stood at 326mln, showcasing investor caution towards trading. We anticipate the volumes to remain lackluster before any dominant trend emerges. On the economic front the Pakistan key policy rate saw a hike of 25BPS and was unchanged for the last 14 months, however the real interest rate remained negative. The Current account deficit remerged in the month of July and has only increased int the month of august, due to the vigorous domestic demand coupled with inflated commodity market. On the other side of the picture remittances remained strong growing by 10.4pc during July-August and exports also performed “reasonably well” (averaging $2.3b per month), as they were outstripped by imports.