Karachi, December 21, 2021 (PPI-OT): View from the desk

KSE 100 index made an intraday high of 44,594 but could not sustain the momentum triggered by profit taking across the board and closed in the red zone at 44,177 level, down 163 points DoD. Total traded volume stood at 223mn shares with WTL, TRG, CNERGY, FFL, TELE being the volume leaders.

Primary reason for increased volume in CNERGY was its announcement regarding the intention to acquire Puma Energy Pakistan. Another major news today was the increase in Current Account Deficit which also dampened market sentiments. Going forward, we recommend investors to adopt a buy on dip strategy primarily in Oil and Gas Exploration, OMC and cyclical sector stocks.