Stocks extend losses as rupee hits new low
The Pakistan Stock Exchange observed a session of sideways movement in share prices on Tuesday, with no distinct market direction. The market concluded with stocks closing on the lower side due to investor apprehensions regarding the rupee’s depreciation against the dollar, combined with economic uncertainty, according to Ahsan Mehanti, an analyst from Arif Habib Corporation. […] The post Stocks extend losses as rupee hits new low appeared first on Economy.pk.
Karobar
The Pakistan Stock Exchange observed a session of sideways movement in share prices on Tuesday, with no distinct market direction.
The market concluded with stocks closing on the lower side due to investor apprehensions regarding the rupee’s depreciation against the dollar, combined with economic uncertainty, according to Ahsan Mehanti, an analyst from Arif Habib Corporation.
The rupee experienced a 1.88% drop against the dollar in interbank trading, extending its losses from the previous week. By the end of the day, the interbank market saw the dollar exchanging hands at a historic value of Rs. 299.01.
Furthermore, the discouraging data on textile exports, which exhibited an 11.4% decline in July, added to investors’ lack of confidence. Concerns about inflation resulting from the rupee’s depreciation, along with political noise, also contributed to the bearish sentiment.
Consequently, the KSE-100 index settled at 47,417.9 points, marking a decrease of 30.06 points or 0.06% from the preceding session. The overall trading volume saw a 12% decline, amounting to 185.7 million shares.
Similarly, the traded value diminished by 12% to Rs. 6.2 billion on a day-on-day basis. Prominent contributors to the trading volume included WorldCall Telecom Ltd (25.8 million shares), Nishat Power Ltd (16 million shares), Oil and Gas Development Company Ltd (13.6 million shares), Dewan Automotive Engineering Ltd (11.9 million shares), and JS Bank Ltd (9.8 million shares).
In terms of absolute share price gains, the companies that witnessed the most significant increases were Bhanero Textile Mills Ltd (Rs. 49), Mari Petroleum Company Ltd (Rs. 23.93), Towellers Ltd (Rs. 11.58), Khyber Tobacco Company Ltd (Rs. 8.63), and Pakistan Services Ltd (Rs. 6).
On the other hand, companies that experienced the most substantial declines in absolute share prices were Pakistan Tobacco Company Ltd (Rs. 29), Exide Pakistan Ltd (Rs. 20.50), Lucky Core Industries Ltd (Rs. 18.80), Haleon Pakistan Ltd (Rs. 10.90), and Gadoon Textile Mills Ltd (Rs. 8.13). Foreign investors concluded as net buyers, acquiring shares worth $0.26 million.
The post Stocks extend losses as rupee hits new low appeared first on Economy.pk.
