JS Securities Limited – JS Market Wrap (23-07-2021)

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.

Leave a Reply