Karachi, August 24, 2021 (PPI-OT): View from the desk

Profit-taking continued across the board throughout the day, costing the KSE100 284 points as it closed at 47,829 level. The market was unable to break the psychological resistance of 48,200 points. Traded volume stood at 395mn shares with WTL (-0.9%), TELE (+3.2%), GGL (+1.3%), BOP (+2.1%) and ANL (-0.6%) being the highest contributors to volume. On the economic front, the State bank reported that Pakistan has received US$2.75 billion from the IMF under its new allocations for member countries. Going forward, we recommend investors adopt a buy on dips strategy in Steel, Technology, Refinery, and Cement sectors.