JS Securities Limited - JS Market Wrap (August 19, 2022)

FLASHNEWS:

LDA Plans Upgrades for Lahore’s Katchi Abadis to Enhance Living Conditions

LDA to Auction Prime Commercial Plots in Lahore’s Finance and Trade Central

DHA Quetta to Hold Sector A6 Ballot on May 18, Offers Instalment Relief

Karachi Administration Orders Evacuation of Decaying Buildings for Public Safety

Faisalabad Electric Supply Company Promotes 18 Junior Engineers to Senior Positions

Brokerage

JS Securities Limited – JS Market Wrap (August 19, 2022)

August 20, 2022

Karachi, August 19, 2022 (PPI-OT): View from the desk

Profit taking continued across the board throughout the day as the benchmark KSE100 closed at the 43,271 level losing 211 points DoD. Market touched the intraday high of 43,532 points but failed to break the intraday resistance of 43,777 points. Traded volume for the day stood at 306mn shares with the highest contribution from HASCOL (8.7%), PRL (-0.4%), BOP (3.3%), CNERGY (-0.2%) and WTL (1.4%). Moving forward, the upcoming monetary policy meeting of SBP and the IMF agreement will remain key driving forces for the market. We recommend investors to adopt ‘buy on weakness’ strategy in Tech, E and P and Cement sectors.