Karachi, August 09, 2021 (PPI-OT): View from the desk

As anticipated, the KSE-100 Index further lost its ground today due to the ongoing pandemic situation in the country, eventually closing 366 points below Friday’s close at 47,124 level. Major volume contributors today were WTL (-3.7%), FFL (-7.4%), GGL (-7.4%), BYCO (0.3%), TELE (-5.4%) and UNITY (-1.4%). LUCK (-1.8%) announced its result today where it posted a full year EPS of Rs.70.69 but skipped the dividend for the quarter which dampened the investor sentiments. Going forward, the benchmark index can further slide down in the coming days. We therefore recommend investors to adopt a buy on dips strategy in Steel, Technology, Refinery and Cement sectors.