Karachi, July 23, 2021 (PPI-OT): View from the desk
The market touched a high of 47,946 in the initial hours but soon came under pressure as investors chose to book profits over rising Coronavirus cases. The market touched a low of 47,686 before closing the session at 47,793 level, down 80 points. Investor participation remained dull throughout the day; a total of 314mn shares changed hands where BYCO (-3.0%), DNCCR (-38%), PACE (4.8%), SNGP (6.7%) and WTL (1.1%) cumulatively contributed 39% to the aggregate volume.
On economic front, Current Account posted a deficit of US$1.85 billion during FY21 while textile exports saw a 22.9% growth during the year. Moreover, the United States has appreciated Pakistan’s efforts on the FATF front. Going forward, we expect range-bound activity to continue in the coming sessions due to rollover week and recommend investors to avail any downside as an opportunity to buy in the Cement and Textile sectors.