Karachi, July 13, 2021 (PPI-OT): View from the desk

The market witnessed range bound activity today due to lack of positive triggers amid concerns regarding the 4th wave of Covid-19. Investors preferred to book profits across the board. Total traded volume stood at 497mn shares where WTL (-3.3%), GGGL (7.0%), TPL (7.5%), FFL (5.8%) and TPLP (-7.2%) accounted for ~32% of the aggregate. On the economic front, Worker’s remittances for FY21 showed robust growth of 27% YoY, which stood at US$29.4bn. Moving forward, we expect range-bound activity to continue in the coming sessions and recommend investors to avail any downside as an opportunity to buy in the Technology, Construction, and Textile sectors.