Karachi, March 05, 2021 (PPI-OT): View from the desk
A recovery was witnessed toady as bulls dominated the trading session leading the index to an intraday high of +668 points before it closed at 45,837 level (up 559 points). Total traded volume was recorded at 317mn shares with ANL (3.2%), TRG (2.2%), PRL (2.0%), GGL (6.9%) and FFBL (6.7%) cumulatively contributing 99mn shares to the aggregate. E and P sector gained today where POL (3.9%), OGDC (2.7%) and PPL (1.4%) closed in the green zone as crude oil prices edged higher in the international market. The Cement and Banking sectors also saw gains where DGKC (1.7%), MLCF (0.9%), LUCK (1.4%), HBL (1.8%), UBL (1.7%), FABL (3.1%) and BAFL (3.2%) were among the major gainers.
Investors interest was witnessed in the power sector as KAPCO (7.4%) closed at its upper circuit while PKGP (6.8%), LPL (4.5%) and NCPL (2.5%) also closed in the green. Moving forward, we expect a similar trend to continue amid political uncertainty. We recommend investors to view any downside as a buying opportunity in cements, steels and refinery sectors.