Karachi, September 24, 2021 (PPI-OT): View from the desk

The downward swing continued as the market made an intraday low of -436 points to close at the level of 45,073 level, down 223 points. Major contribution to traded volume of 370mn shares was from WTL (-2.7%), UNITY (-3.2%), BYCO (-3.3%), HUMNL (-3.8%) and KEL (-4.4%). Major laggards during the trading session were TRG (-1.5%), MCB (-1.7%), CHCC (-4.6%), INDU (-4.7%) and FFBL (-5.4%) that drove the index downward. Cement and Banking sector observed selling pressure where FLYNG (-5.7%), CHCC (-4.6%), MLCF (-3.0%), PIOC (-2.1%), DGKC (-2.0%), MCB (-1.7%), MEBL (-0.9%), HBL (-0.5%) and UBL (-0.2%) lost value to close in the negative region. From the E and P sector OGDC (1.0%), PPL (0.4%) and POL (0.5%) recovered from their recent low as crude oil prices edged higher in the international market. Going forward we recommend investors to remain cautious at current levels and wait for fresh buying.