Karachi, August 18, 2022 (PPI-OT): View from the desk

As the market opened on a positive note, investors chose to book profits on the higher side where volumes remained robust during the day as well. Despite touching a high of 43,879 points, profit taking dragged down the market to an intra-day low of 43,390 level. The market eventually closed in the red zone at 43,481 levels (-195 points DoD). Volume during the day stood at 621mn shares with WTL (11%), CNERGY (3.2%) KEL (-7.0%), PRL (4.8%) and PIAA (-6.8%) cumulatively contributing 57% to the aggregate. Going forward, we recommend investors to adopt a ‘buy-on-dips’ strategy in the Banks, E and P and Textile sectors.