Karachi, September 14, 2021 (PPI-OT): View from the desk

The KSE-100 index lost 379 points to close at the level of 46,891. Trading activity was mainly witnessed in side-board items. BYCO (-7.3%), TELE (2.0%), WTL (-3.0%), ANL (-0.2%) and HUMNL (1.3%) were the major volume contributors today. Refinery sector was seen in immense pressure as The Cabinet Committee on Energy is said to have not approved the incentives for the refineries and consequently ATRL (-7.1%), NRL (-6.2%), BYCO (-7.3%) and PRL (-5.5%) closed in red zone.

On the other hand, steel sector witnessed similar sentiments where ASL (-5.8%), ASTL (-3.7%), INIL (-2.6%), MUGHAL (-2.2%) and ISL (-2.3%) lost value to close in the negative region. DGKC (-3.7%) from the cement sector announced financial result for FY21 with 10% final cash dividend and an EPS of Rs8.96 per share. Going forward, we recommend investors to remain cautious and wait for significant dips for further buying.