Karachi, September 23, 2021 (PPI-OT): View from the desk

The KSE100 started on a positive note making an intraday high of 45,939 (+342 points) but selling pressure came in during the second half where the market made a low of 45,083 (-514 points) and eventually closed at 45,297 level, down 300 points. Traded volume declined by 24% to 444mn shares where WTL (-1.0%), TELE (-7.5%), TREET (-7.5%), BYCO (-3.9%) and UNITY (0.1%) were the volume leaders for the day. Major laggards of the trading session were TRG (-3.4%), AGP (-2.7%), INDU (-1.5%) and CHCC (-1.7%). NETSOL from the technology sector announced its financial result, reporting an EPS of Rs2.13 per share for the year FY21. PREMA also announced its FY21 financial results and posted earnings of Rs1.48 per share. Going forward we recommend investors to remain cautious at current levels and wait for fresh buying.