FLASHNEWS:

JS Securities Limited – JS Market Wrap (31-08-2021)

Karachi, August 31, 2021 (PPI-OT): View from the desk

A historic day was witnessed today as Pakistan’s largest IPO of Air Link Communication was oversubscribed by 1.6x. JS Global was the Lead Manager/Consultant to the Issue and Book Runner. The benchmark index rose to touch an intraday high of +230 points today. However, across-the-board profit taking wiped out nearly all of the gains as the KSE100 closed the session at 47,420 level (up 54 points). Traded volume stood at 379 mn shares with TELE (+3.5%), GGL (+7.3%), BYCO (-1.0%), TREET (-0.8%) and PAEL (+7.4%) leading the chart. Going forward, we recommend investors adopt a buy on dips strategy in Banks, Steel and Textile sectors.