Karachi, August 06, 2021 (PPI-OT): View from the desk

Negative sentiments built around the rising COVID positivity ratio dragged the KSE-100 index down from an intraday high of 47,753 points to a closing at 47,490 level. Major contributors to the total volume of 500mn were PASL (3.6%), UNITY (-5.8%), DSL (2.8%), FFL (6.8%), SMBL (21%), and WTL (-3.9%). Steel rebar prices have been increased by Rs5,000/MT effective today which kept the Steel sector in the limelight. Looking ahead into the next week, Pakistan equities can be expected to further continue their downward journey amid lack of buyer interest. Investors are advised to exercise caution and adopt a buy on dips strategy in Steel, Technology and Cement sectors.