FLASHNEWS:

JS Securities Limited – JS Market Wrap (05-07-2021)

Karachi, July 05, 2021 (PPI-OT): View from the desk

The KSE100 opened the session on a slightly positive note but soon fell victim to profit-taking which dragged the index into the negative region where it remained for the remainder of the day. The market made an intra-day high and low of 47,739 (+53 points) and 47,375 (-311 points) respectively and closed at 47,429, down 257 points. Major contribution to total traded volume came from WTL (-2.0%), HASCOL (-11.9%), KEL (-1.5%), BYCO (-3.9%) and TPL (-4.9%).

Despite the bearish market, PIAA (3.1%) closed positive on the news the airline is set to issue a 10-year Sukuk, worth up to Rs20 billion this month. Despite news of strong cement off-take, the Cement sector remained under pressure where LUCK (-1.6%), DGKC (-2.4%), PIOC (-1.3%) were among the major losers. Going forward, we recommend investors to avail any downside as an opportunity to buy in construction and export oriented sectors.