KARACHI: Stocks suffered losses for the fourth straight session on Wednesday, driven by rumours about a steep hike in the interest rates, economic uncertainty and unrelenting rupee depreciation.

The market witnessed a sharp drop after rumours circulated that the State Bank of Pakistan is set to convene an emergency meeting in which it is expected to raise interest rates by up to 300bps, noted JS Global in its daily report.

The benchmark KSE-100 shares index shed 525.86 points, or 1.12pc, closing at 46,244.56 points. The KSE-30 shares index dropped 199.93 points, or 1.20pc, at 16,420.76 points.

An analyst at Arif Habib Ltd explained that the bearish session was due to rupee depreciation and political upheaval.

“Inflation and an anticipated interest rate hike are among the reasons for the market decline,” he added.

The trading volume dipped to 200.28m shares from 217.85m shares the previous trading session.

Stocks contributing significantly to the trading volume included WorldCall Telecom (16.32m shares), K-Electric (12.42m shares), Dewan Motors (12.10m shares), Nishat Chunian (9.76m shares) and Pakistan Petroleum (7.88m shares).

Of the 327 active scrips, 70 advanced, 240 declined and 17 remained uncha­nged.

Companies registering the biggest increases in their share prices in absolute terms were Sapphire Fibre (Rs78), Sapphire Textile (Rs77.89), Bata Pakistan (Rs76.01), Lucky Core Industries (Rs7.55) and Murree Brewery (Rs6.30).

Sectors contributing negatively to the benchmark index included power generation and distribution (111.23 points), oil and gas exploration (90.40 points) and fertiliser (52.87 points).

Companies that recorded the biggest declines in their share prices in absolute terms Mehmood Textile (Rs54.50), Mari Petroleum (Rs20.92), Atlas Battery (Rs18.58), Abbott Laborat­ories(Rs18.48), and Shahmurad Sugar (Rs12.86).

Foreigners remained active buyers and picked shares worth $0.15m.

Published in Dawn, August 31st, 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

Security concerns
23 Jul, 2024

Security concerns

All stakeholders want what is best for the country and its people; their differing approaches shouldn’t be viewed with such suspicion all the time.
Frankfurt vandalism
23 Jul, 2024

Frankfurt vandalism

THE state needs to seek serious answers from the German authorities regarding the July 20 mob attack targeting...
Stressed cotton economy
23 Jul, 2024

Stressed cotton economy

DECREASING cotton production should be a worry for the government because of its socioeconomic implications. Early...
Population calamity
Updated 22 Jul, 2024

Population calamity

Pakistan can also control its growth rate by following the examples of its peers and implementing functional family planning programmes and campaigns.
Blow to occupation
22 Jul, 2024

Blow to occupation

THE International Court of Justice has delivered a legal blow to the decades-old Israeli occupation of Palestinian...
Seeking Priya Kumari
22 Jul, 2024

Seeking Priya Kumari

PRIYA Kumari — the minor girl who vanished on Ashura in 2021 while serving water at a sabeel in Sukkur district ...