The market is likely to trade in a range ahead of upcoming monetary policy on 14 Dec 2021, where investors are cautious over another sharp hike.
Moreover, redemption pressure from mutual funds in last two sessions (US$14.8mn) have also triggered selling pressure across the board where KSE-100 Index lost 2,136 pts (4.7%).
On the economic front, Pakistan has received foreign exchange deposits worth US$3bn from Saudi Arabia for balance of payment support.
We would continue to recommend dividend yielding stocks like UBL, MCB, BAFL, POL, FFC, ENGRO at current levels while gradually accumulating Tech (SYS), Textile (NML, ILP), Power (KAPCO, HUBCO ), Chemicals (EPCL).
Courtesy – IMS Research