Karachi, January 14, 2021 (PPI-OT): View from the desk
The KSE-100 index failed to sustain its intraday high of 46,272 and slid to close at 45,989, down 103 points. Volumes stood at 621mn shares versus 845mn shares traded previously. HUMNL (-10.6%), KEL (-1.4%), FFBL (5.3%), KAPCO (5.9%) and POWER (-0.2%) were the volume leaders for the day. From the E and P sector, PPL (-1.1%), OGDC (-1.9%) and POL (-1.0%) lost value to close in the red zone as crude oil prices edged lower in the international market.
Mixed sentiment was witnessed in the Power sector where KAPCO (5.9%), LPL (3.2%), KOHP (5.5%) and NPL (0.3%) closed in the green zone and on the flipside PKGP (-4.1%) and HUBC (-0.9%) closed in the negative region. Cements and Steel also contributed to the declining market where MLCF (-1.2%), CHCC (-1.8%), DGKC (-0.8%), PIOC (-0.7%), MUGHAL (-1.5%), ISL (-1.7%), INIL (-1.2%) and CSAP (-1.9%) closed in the red trajectory. Moving forward, we recommend investors to avail any downside as a buying opportunity.