JS Securities Limited - JS Market Wrap (September 07, 2021)

FLASHNEWS:

KSE-100 Experiences Volatility, Closing Lower in Recent Session

KSE-100 Sees Decline, Mixed Indicators Suggest Uncertain Future in Karachi Market

Karachi Stock Exchange Sees Modest Movements Amid Varied Sector Performances

HBL Launches Women’s Tekken Tournament in Lahore to Empower Female Gamers

Pakistani Banks to Implement IFRS 9 Standards Starting January 2024

Cement Companies’ Earnings Outlook Mixed in Upcoming Quarterly Results

VIS Credit Rating Reaffirms ‘A+/A-1’ Ratings for Zephyr Power Limited with Stable Outlook

PTCL Group Reports 14% Revenue Growth in Q1 Amid Expanding Digital Services

Foodpanda and CIRCLE Partner to Boost Women Entrepreneurs in Pakistan’s Culinary Industry

Zong Business Partners with China Gezhouba Construction Management Services to Enhance Digital Operations

Exchange Rates Experience Minor Fluctuations in Pakistan’s Currency Market

Telenor Microfinance Bank Reports PKR 1.2 Billion Pre-tax Profit in 2023, Secures Digital Retail Bank License

Fly Jinnah Launches Islamabad-Muscat Route, Expands International Service

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

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JS Securities Limited – JS Market Wrap (September 07, 2021)

September 7, 2021

Karachi, September 07, 2021 (PPI-OT): View from the desk

Trading in today’s session started on a bearish note as the benchmark KSE100 index sank to intraday low by -301 points. Mid-day bulls made an attempt to take over by lifting the index to intraday high by +76 points. Bourse closed on a negative note with -189 points and at 46,730 level. Investor participation was marked at 424mn shares, where TPL (2.8%), WTL (-1.0%), BYCO (-1.1%), TELE (-1.2%) and ANL (2.6%) were the volume leaders of the day.

The downward trend for Cements and Steel stocks continued where CHCC (-1.6%), MLCF (-1.9%), DGKC (-2.1%), LUCK (-1.8%), ASL (-3.0%), ASTL (-2.5%), AGHA (-1.2%) and ISL (1.2%) were the major losers of the day. Moreover PPL (-0.6%), OGDC (-1.0%) and POL (-1.1%) from the E and P sector edged lower, where crude oil prices fell in the international market. Going forward, we recommend investors to remain cautious and wait for clarity on the MSCI reclassification proposal which is scheduled to be announced after market hours today.