KARACHI: Shares listed on the Pakistan Stock Exchange registered a modestly positive opening on Monday before succumbing to a selling spree.

Topline Securities said a number of unfavourable factors kept the index of representative shares down throughout the day. The current account, which was in surplus for four consecutive months, registered a deficit of $0.8 billion in July, hurting sentiments of investors. In addition, there was a consistent decline in the value of the rupee against the dollar, with the closing rate clocking in at 297.13, down 0.45pc, in interbank trading.

The recently announced refinery policy came with incentives, which were lower than investors’ expectations. In addition, there has been no update thus far on the circular debt management plan. All these factors contributed to the bearish trend, it said.

As a result, the KSE-100 index settled at 47,447.96 points, down 770.54 points or 1.6 per cent from the preceding session.

The overall trading volume decreased 17.1pc to 211.2 million shares. The traded value decreased 32pc to Rs7 billion on a day-on-day basis.

Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (51.4m shares), K-Electric Ltd (8.4m shares), Oil and Gas Development Company Ltd (7.3m shares), Pakistan Refinery Ltd (6.2m shares) and Pakistan Petroleum Ltd (6.1m shares).

Companies registering the biggest increases in their share prices in absolute terms were Mehmood Textile Mills Ltd (Rs42.95), Sanofi-Aventis Pakistan Ltd (Rs20), Towellers Ltd (Rs10.78), Atlas Battery Ltd (Rs3.79) and Shahmurad Sugar Mills Ltd (Rs3.21).

Companies that recorded the biggest declines in their share prices in absolute terms were Nestle Pakistan Ltd (Rs200), Rafhan Maize Products Company Ltd (Rs137.50), Sitara Chemical Industries Ltd (Rs18.75), Mari Petroleum Company Ltd (Rs17.56) and Gatron Industries Ltd (Rs17.50).

Foreign investors were net buyers as they purchased shares worth $1.3m.

Published in Dawn, August 22nd, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Electable politics
Updated 04 Dec, 2023

Electable politics

With the PTI still on the wrong side of the political equation, the prospects will be bright for whoever takes the lead.
War of narratives
04 Dec, 2023

War of narratives

MILITARILY, there is no match between the Israeli war machine, and the defenceless people of Gaza. On one side is a...
Returns on deposits
04 Dec, 2023

Returns on deposits

DESPITE the deceleration of deposit mobilisation, bank deposits have jumped to a record high of Rs25.6tr in FY23. ...
Promises, promises
Updated 03 Dec, 2023

Promises, promises

The climate crisis transcends national borders and political agendas, demanding a unified, decisive response.
PCB’s strange decision
03 Dec, 2023

PCB’s strange decision

THE Pakistan Cricket Board’s decision-making and the way it is being run has become a joke. A day after appointing...
Resettling Afghans
03 Dec, 2023

Resettling Afghans

FOR two years now, since the Afghan Taliban took Kabul, thousands of Afghans in Pakistan who had worked for Western...