Karachi, August 03, 2021 (PPI-OT): View from the desk

The local market maintained positive momentum as it hit the high of +355 points, eventually closing at 305 points higher at 47,758 level. WTL (4.3%), TELE (7.4%), BYCO (2.4%), TPL (1.8%) and CPHL (5.5%) remained the highest contributor to the total volume of 133mn shares traded today. Technology sector outperformed for the day, serving 27% to the total traded volume where WTL (4.3%), AVN (0.6%), TRG (2.9%), NETSOL (2.2%) and TELE (7.4%) closed in positive region. From the OMC stocks, HASCOL (13.7%) closed at its upper circuit in today’s trading session. On the news front, the government’s FY22 export target of US$40bn kept the textile sector in the limelight. Going forward, we recommend investors to avail any downside as a buying opportunity in the Cement, Steel, Technology and Textile sectors.