Karachi, August 11, 2021 (PPI-OT): View from the desk

Bulls pulled the KSE100 to an intraday high of 47,628 points. Despite some profit-taking the market eventually closed with a gain of 242 points at a level of 47,377. In the ongoing result season, Engro Polymer (+3.5%) announced a cash payout of Rs7 per share for the quarter. Moreover from the Refinery sector, Attock Refinery (+0.1%) and National Refinery (+1.9%) also announced their full year results. Traded volume stood at ~383mn shares with GGL (+2.3%), WTL (-0.6%), EPCL (+3.5%), BYCO (+0.7%), and TELE (-0.8%) being the highest contributors. Going forward, we recommend investors to adopt a buy on dips strategy in Steel, Technology, Refinery and Cement sectors.