FLASHNEWS:

JS Securities Limited – JS Market Wrap (09-07-2021)

Karachi, July 09, 2021 (PPI-OT): View from the desk

The bourse remained under pressure throughout the day due to lack of positive triggers and concerns over the start of the 4th wave of COVID-19. Investors preferred to book profits across the board after yesterday’s gains. As a result, the benchmark KSE 100 closed at 47,563 level (down 490 points). Traded volume increased by 6% DoD to 506mn shares where TPL (7.0%), PACE (4.1%), WTL (-1.8%), BYCO (-1.1%), PASL (19.2%) and CPHL (7.5) were the volume leaders of the day. On the economic front, Pakistan’s total foreign currency reserves crossed the $24 billion mark and Governor State Bank of Pakistan Dr. Reza Baqir said that negotiations with the IMF are going well. Going forward, we recommend investors to avail any downside as an opportunity to buy in construction and export-oriented sectors.