JS Securities Limited - JS Market Wrap (26-07-2021)

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JS Securities Limited – JS Market Wrap (26-07-2021)

July 26, 2021

Karachi, July 26, 2021 (PPI-OT): View from the desk

Profit-taking continued across the board today due to the start of roll-over week coincided with concerns over the stark rise in Covid cases. The benchmark index opened in the green zone but was unable to break the resistance of 48,000 as it slid from an intraday high of 47,930 points made in the early hours. The KSE100 eventually closed at a loss of 120 points at 47,673 level.

WTL (7.9%), TELE (6.7%), TPL (-1.4%), ASC (5.0%) and BYCO (-1.7%) were volume leaders today as they cumulatively contributed 49% to the aggregate of 450mn shares. On the economic front, the Monetary Policy Committee is scheduled to meet tomorrow to decide on the Policy Rate where we expect status quo to prevail. Going forward, we recommend investors to avail any downside as an opportunity to buy in construction and export-oriented sectors.