JS Securities Limited - JS Market Wrap (29-07-2021)

FLASHNEWS:

Sindh Government Commits PKR 14.7 Billion to K-IV Water Project

Snow Leopards Threatened by Road Construction in Gilgit-Baltistan

Punjab Government Subsidizes Agricultural Equipment to Boost Rice Farming Efficiency

Engro Fertilizers and Engro Polymer Expect Declines in Quarterly Earnings as per AKD Securities

Japan Grants $9.8 Million for Development Projects in Islamabad

PSX Experiences Minor Downturn Amid Varied Sector Performances

Technical Indicators Suggest Caution in Karachi Stock Market Trading

Exchange Rates Fluctuate Slightly in Pakistan’s Currency Market

KSE-100 Sees Minor Retreat Amidst Trading Caution

Fauji Cement and DG Khan Cement Anticipate Mixed Financial Outcomes for Q3 FY24

Spotify and Coke Studio Pakistan Announce Continued Collaboration for Music Season 15 in Karachi

SITE President Calls for Action as Rising Production Costs Threaten Factory Operations

FPCCI Criticizes Recent Increases in Petroleum Prices Despite Favorable Economic Indicators

Shabbir Mansha Churra Named Chairman of Pakistan-China Business Council

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JS Securities Limited – JS Market Wrap (29-07-2021)

July 29, 2021

Karachi, July 29, 2021 (PPI-OT): View from the desk

Lack of positive triggers and concerns over the fourth wave of Covid-19 brought the KSE100 down to a low of 46,955 points. However, after a full recovery, the equity market closed flat at 47,312 level. Selling pressure was witnessed across the board. Refineries came in the limelight where NRL (1.6%) and ATRL (2.8%) gained on the back of news regarding the refinery policy re-surfacing. Traded volume stood at 376mn shares with WTL (-4.2%), BYCO (0.9%), UNITY (-0.7%), FFBL (0.8%), and HUMNL (-1.7%) being the highest contributors to volume. Going forward, in light of the Covid concerns we recommend investors to adopt buy on dips strategy in Banks, Textiles and Fertilizers.