MARKET CLOSING - 28TH SEP 2021

Today the Pakistan equity finally ended its bearish run as the equity market rebounded. We saw a halt in downward momentum after the intraday recovery during yesterday’s closing hours. The 2nd tier stocks touched their upper cap namely Netsol, TELE, IMAGE, ANL and EXIDE. The recovery could be attributed to attractive valuation as the volumes remain lackluster. During the day the index touched high of 45,294.37 and a low of 44,747.22. The index accumulated to 45,274.93, as it gained 457.17pts (1.02%). On the economic front the federal government will raise Rs100 billion through auction of Ijarah Sukuk against three identified assets including Islamabad-Peshawar highway, Pindi Bhattian-Faisalabad motorway and Hassanabdal-Mansehra highway. On the other hand, State Bank revises its prudential regulation governing consumer finance. The volume leader today were TELE(36mln), BYCO(34mln), WTL(22mln), NCL(17mln) and UNITY(16mln)