JS Securities Limited – JS Market Wrap (04-10-2021)
Karachi, October 04, 2021 (PPI-OT): View from the desk
Benchmark index managed to close in the green zone today, crossing the 45,000 level (+173 points). Major volume was witnessed in TELE (+6.7%), WTL (+5.4%), SMBL (+13.1%), BYCO (-1.5%) and GGL (+7.5%) while traded volume accumulated to 267mn shares. On the news front, Avanceon FZE, a wholly-owned subsidiary of AVN established in the Middle East, secured its first contract in the West African nation of Nigeria for reviving a key oil field for the West African Exploration and Production Company Limited WAEP. SEARL announced its annual result today, posting a consolidated annual EPS of Rs15.80 with 20% cash dividend and 30% bonus shares. Our outlook for the local equity market is for it to consolidate at current levels, where investors are advised to build positions in mainly blue chip stocks; especially double digit dividend yielding stocks, keeping a view of the index closing December 2021 end on a positive note.