Weak open to the start of the week as politics continued to disrupt upside momentum

13 shares rose while 87 fell, with HUBC PA (-3.25%), ENGRO PA (-3.34%), and FFC PA (-2.48%) being the biggest index drags. SNGP PA (+4.07%), HBL PA (+0.52%) and AVN PA (+1.19%) were the largest upside contributors

As per media reports, police in Islamabad arrested senior PTI members, which, in addition to an announcement of a presser from DG ISPR, spooked the market

SBP monetary policy will be held on July 29

Headline inflation is expected to come at +10.5% in Jul’24, representing a significant decline from the +12.6% YoY inflation rate reported in Jun’24. Despite the YoY decline, monthly inflationary pressures are projected to persist in Jul’24, with an expected increase of +1.5% MoM

The KSE-100 has now seen a drawdown of -4.12%, focusing on higher time frame charts with support currently @ 77.5-78k, from where the market is expected to stabilise and resume upside moves.

Courtesy – Arif Habib Ltd Sales