Karachi, July 19, 2021 (PPI-OT): View from the desk

The KSE100 attempted to cross the psychological resistance of 48,000 today but investors chose to book profits on the higher side over the alarming Covid cases in the country. The market eventually closed flat at 47,873 levels. Volumes remained dull at 321mn shares where BYCO (1.2 %), SNGP (7.5 %), ASC (-1.3 %), TREET (1.0%) and WTL (2.6%) cumulatively contributed 25% to the aggregate. We believe post-Eid performance is largely dependent on the upcoming result season, regional geopolitics and the fourth wave of Covid. Going forward, we recommend investors to avail any downside as an opportunity to buy in the Cement, Banks, and E and P sectors.