Karachi, June 16, 2021 (PPI-OT): View from the desk

The market started with a high of 48,878 but soon lost steam and slid to close in the negative (-152 points) at a level of 48,481. Total traded volume declined to 937mn shares from 1.22bn in the previous session. Volume leaders for the day were KEL (-4.7%), WTL (-3.3%), BYCO (-1.2%), HASCOL (2.6%) and GGGL (7.4%). It is hoped that there will be good news for Pakistan at the FATF’s Plenary Session starting June 21 as Pakistan has implemented 26 of the 27-points of the FATF Action Plan.

An overall decline was witnessed in the Cement and Steel sectors where CHCC (-2.6%), POWER (-1.7%), DGKC (-2.1%), MLCF (-1.7%), INIL (-2.9%), MUGHAL (-2.7%), ASL (-2.3%) and ISL (-1.4%) were the major losers. Going forward, we expect a short term correction in the market and recommend investors to avail any downside as a buying opportunity in construction and export oriented sectors.