Karachi, July 02, 2021 (PPI-OT): View from the desk

The market opened positive and hit an intraday high of +279 points after which profit-taking dragged the index down to close at a loss of 114 points at 47,686 level. Mainly pressure was witnessed in Cement and Refinery sectors. Traded volume stood at 563mn shares with HASCOL (-9.3%), WTL (-1.0%), KOSM (11.1%), PACE (0.1%) and GGL (-1.7%) being the highest contributors. Investor interest was witnessed in SAZEW (6.6%) on the back of material information that Greenfield investment status has been awarded by the Ministry of Industries and Production.

On the news front, the Minister of Energy assured that power generation is expected to improve by Monday as RLNG supply is restored. Going forward, we expect volatility in the market and recommend investors to avail any downside as a buying opportunity in the Cement and Textile sectors.