Karachi, August 05, 2021 (PPI-OT): View from the desk

The KSE100 index opened on a good note and touched an intraday high of 47,896 in the early hours but could not sustain the momentum; giving away to selling pressure. The market eventually closed at 47,641 level, down 149 points. Major volume contributors were PTC (4.8%), TPL (-3.8%), TELE (1.6%), GGL (-0.1%) and HUMNL (4.9%). The Auto sector remained in the limelight on the news that the government is considering decreasing the Additional Customs Duty (ACD) and Regulatory Duty (RD) on Autos. Going forward, we expect the market to further correct and advise clients to avail any dip in the market as a buying opportunity in Technology, Cement and Steel sectors.