FLASHNEWS:

JS Securities Limited – JS Market Wrap (22-06-2021)

Karachi, June 22, 2021 (PPI-OT): View from the desk

The market started off on a positive note but soon came under pressure as it sunk to a low of 47,931 points. Despite the bulls’ best efforts to revive the KSE100 during the second half, the benchmark index slid again to close the session at a loss of 25 points at 47,987 level. SILK (-2.8%), WTL (-3.5%), ANL (7.5%), KEL (-1.7%) and TPL (7.5%) remained volume leaders of the day as they cumulatively contributed towards ~37% of the total shares traded. On the news front the US Dollar strengthened to Rs157.60.

Selling pressure continued in the cement sector where PIOC (-1.4%), CHCC (-1.1%), DCL (-0.8%) and FLYNG (-1.5%) closed lower. The bullish rally in the Textile sector was fuelled by news of healthy textile exports for May. As a result, KTML (5.3%), GATM (7.5%), NCL (4.0%) and NML (2.0%) closed green. Going forward, we expect volatility in the market due to roll-over week and recommend investors to avail any downside as an opportunity to buy in construction and export oriented sectors.