Karachi, September 01, 2021 (PPI-OT): View from the desk

After touching an intraday high of 47,629 (+209 points), the KSE100 fell victim to profit booking and slid to an intraday low of 47,355 (-65 points) to eventually close flat at 47,413 level. WTL (+10.6%), TELE (+7.0%), GGL (+7.5%), HUMNL (+4.6%) and TREET (-0.3%) cumulatively made up 52% of the total volume for the day. Investors’ interest was witnessed in the Steel sector where ISL (+2.2%), ASTL (+2.7%), INIL (+1.6%), MUGHAL (+1.7%) and AGHA (+0.8%) gained to close in the green region.

Moreover, TPL(+7.5%) closed at its upper circuit on back of the news that a unit of Pakistan’s TPL Corp plans to raise as much as $500 million through a private real estate investment trust (REIT), marking one of the largest such fundraisings in the nation’s history. The market is trading at attractive valuations and a positive trigger is required to resume the upward trend. With a view that the corrective phase is almost over, we advise investors to build exposures across the board.