Karachi, September 08, 2021 (PPI-OT): View from the desk

KSE 100 witnessed a volatile session making a high and low of 46,875 and 46,310, respectively. Major contribution to traded volume of 478mn shares was from TPL (0.9%), TELE (7.1%), PIAA (-2.6%), GGL (7.5%) and PTC (-0.7%). Significant selling pressure was seen in the market due to reclassification of MSCI Index to Frontier Market (FM) from Emerging Market (EM). Cement sector continued slipping due to pressure from rising coal prices where KOHC (-5.3%), LUCK (-3.9%), THCCL (-4.7%), FLYNG (-3.5%) and PIOC (-3.0%) closed in the red zone. Moreover PPL (-1.1%) and OGDC (-2.7%) from the E and P sector closed lower, where crude oil prices fell in the international market. Going forward, we recommend investors to remain cautious and wait for significant dips for further buying.