Karachi, August 13, 2021 (PPI-OT): View from the desk

After trading between a high and low of 47,320 and 47,123 points, the KSE 100 eventually closed at 47,170 level, down 101 points. Major contributors to the total volume of 213mn shares were TPLP (7.5%), GGL (2.2%), WTL (-0.9%), TPL (0.3%) and TRG (0.5%). MLCF (-3.6%) announced its financial result and reported a consolidated EPS of Rs3.49 for the year ended June, 2021 with no cash payout. The market is consolidating in a narrow range and can further correct in coming days amid lack of volume and buyer interest. Investors are advised to cherry pick blue chip stocks available at deep discounts across all sectors.