Karachi, June 25, 2021 (PPI-OT): View from the desk

The market started off on a positive note but soon came under pressure as it sunk to a low of -486 points and eventually closed the session with a loss of 359 points at 47,603 level. WTL (8.2%), BYCO (-2.8%), PACE (1.6%), KEL (-0.7%) and TPL (2.2%) remained volume leaders of the day as they cumulatively contributed ~39% towards the total shares traded. On the news front, MSCI has proposed to reclassify Pakistan from Emerging Markets to Frontier Markets. The potential reclassification is expected to be in one go in the Nov’21 semi-annual index review.

Pressure was witnessed in Cements and Banks where LUCK (-2.7%), CHCC (-1.8%), DGKC (-1.8%), MLCF (-1.1%), UBL (-2.4%), HBL (-2.2%) and MCB (-0.9%) were among major losers of the day. Investors opted to book profit in the Refinery sector where NRL (-2.0%), ATRL (-1.8%), PRL (-1.2%) and BYCO (-2.8%) closed in the red region. As the trend continues, investors are recommended to avail the downside as a buying opportunity in Cement, Refineries and Steel sectors.