Karachi, September 22, 2021 (PPI-OT): View from the desk

Carnage was witnessed at the local bourse as the KSE100 index went down to an intraday low of -1,221 points. However, the index partially recovered towards the end of trading session closing at 45,597 level, down 412 points. Volumes stood at 583mn shares where top volume contributors were WTL (-4.2%), ANL (-6.7%), HMUNL (-6.6%), BYCO (-4.7%), TELE (-7.4%) and HASCOL (5.3%). Major laggards who drove the index down were TRG (-2.0%), SYS (-2.6%), HBL (-1.2%), UBL (-1.4%), HUBC (-0.8%) and CHCC (-3.7%). The Refinery sector came under the hammering belt where PRL (-4.9%), NRL (-5.8%), ATRL (-4.4%) and BYCO (-4.7%) lost value to close in the red zone. Going forward we recommend investors to remain cautious at current levels and wait for fresh buying.