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

A rollercoaster ride was seen in today’s trading session, where the index made an intraday high and low of +305 points -750 points, respectively to close at the level of 46,009 (a 519 points DoD decline). Total volume traded for the day was recorded at 326mn shares where top contributors were TELE (0.2%), WTL (-2.5%), TPL (2.7%), BYCO (-3.0%) and TRG (-1.2%). Pressure was witnessed in the cement sector on the back of interest rate hike where FLYNG (-6.9%), DCL (-5.3%), PIOC (-4.4%), KOHC (-4.6%), MLCF (-3.4%) and DGKC (-3.5%) were the major losers.

Refinery sector also came under the hammering belt where ATRL (-5.6%), NRL (-2.8%), PRL (-4.7%) and BYCO (-3.0%) lost value to close in the negative region. Technology sector followed the trend where SYS (-3.5%), NETSOL (-2.8%), AVN (-3.0%), and TRG (-1.2%) closed in the red. Going forward we recommend investors to remain cautious at current levels and wait for fresh buying.