KARACHI: The stock market witnessed directionless trading on Monday with the benchmark of representative shares floating sideways ahead of the crucial approval of the refinery policy.
Topline Securities said the expectation about the release of Rs415 billion for the partial settlement of the circular debt also helped improve sentiments.
Towards the end of trading, media reports emerged suggesting that the prime minister approved the long-awaited refinery policy, even though there was no official confirmation until the close of the session.
Arif Habib Ltd said the spotlight remains on the pivotal 48,000-point level for the remainder of the trading week. “Maintaining a position above this level is indicative of sustained interest in higher price,” it said, noting that a drop below this level could trigger a more substantial correction that’d lead back to the 46,000-47,000 zone.
As a result, the KSE-100 index settled at 48,386.25 points, down 199.47 points or 0.41 per cent from the preceding session.
The overall trading volume increased 15.3pc to 381.8 million shares. The traded value increased 16.2pc to Rs14.5bn on a day-on-day basis.
Stocks contributing significantly to the traded volume included Cnergyico PK Ltd (74.5m shares), Pakistan Refinery Ltd (35.7m shares), Oil and Gas Development Company Ltd (26m shares), TPL Properties Ltd (17.5m shares) and Pakistan Petroleum Ltd (15.3m shares).
Companies registering the biggest increases in their share prices in absolute terms were Nestle Pakistan Ltd (Rs97.67), Mari Petroleum Ltd (Rs65.62), Exide Pakistan Ltd (Rs25.42), Atlas Battery Ltd (Rs18.77) and Pakistan Engineering Company Ltd (Rs12).
Companies that recorded the biggest declines in their share prices in absolute terms were Philip Morris Pakistan Ltd (Rs29.99), Al-Abbas Sugar Mills Ltd (Rs22), Colgate-Palmolive Pakistan Ltd (Rs16.19), Bata Pakistan Ltd (Rs14.99) and Gadoon Textile Mills Ltd (Rs14.20).
Foreign investors were net buyers as they purchased shares worth $1.29m.
Published in Dawn, August 8th, 2023