Karachi, September 30, 2021 (PPI-OT): View from the desk

The rollercoaster ride continued at the PSX, where the index made an intraday high and a low of 44,900 and 43,972, respectively, to close at 44,900 (+533 points). Total volume traded for the day was recorded at 372mn shares where top contributors were KEL (21%), BYCO (5.8%), ANL (6.2%), WTL (0.4%) and TELE (1.2%). Cement sector recovered in today’s trading session where FCCL (5.6%), CHCC (4.9%), DGKC (6.0%), PIOC (5.2%) and MLCF (4.5%) were the major movers of the sector.

From the E and P sector, OGDC (2.7%), POL (2.2%) and PPL (3.3%) gained to close higher as crude oil prices edged higher in the international market. CPHL (2.8%) from the Pharma sector declared its FY21 result, where the company reported an EPS of Rs4.64 with a cash payout of Rs1.50 per share along with a 10% bonus. Going forward, we recommend investors to adopt a buy-on-dips strategy in the Banking, Steel and Textile sectors.