Equity Commentary- September 2021

The domestic economy is gradually recovering from last year’s recession, with real GDP growth rate of 0.51% and 5.01% in Q1:2021 and Q2:2021, respectively. Furthermore, the most recent PMI readings (in July) also show a marginal improvement in the manufacturing activities (with manufacturing PMI at 46.6points, vs. 45.5points in June). In addition, headline inflation has also recently begun moderating (being lower by 116.2bps since April). Overall, these indicators suggest improving macroeconomic conditions. However, the movement in equity prices seems to suggest that investors are not convinced or impressed.

In this report, we analyzed the equity market as a leading indicator of future economic performance, the drivers of the current market trend and the likely triggers of a reversal

Kindly find attached the full report.

Equity Commentary- September 2021


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