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Stocks retreat on new taxes, fuel price increase

Share price downfall triggered due to rise in prices of petroleum products.

Stocks retreat on new taxes, fuel price increase
Pakistan Stock Exchange

ISLAMABAD: The price of shares fluctuated within a narrow range before finishing down due to a substantial rise in the price of petroleum products.

Despite selling shares in the final hour of trading to record profits all around, investors’ involvement, according to Arif Habib Ltd, remained sluggish.

A rise in government bond yields and the proposed new taxes, which would raise Rs170 billion in accordance with IMF guidelines, were further factors contributing to the index’s decline.

The KSE-100 index thus closed at 41,078.65 points, a decrease of 248.21 points or 0.6% from the previous session.

However, the overall trading volume raised by 3.3pc to 141.9 million shares. On a daily basis, the traded value increased by 22.1 percent to $28.1 million.

Stocks of WorldCall Telecom Ltd (13.5 million shares), Maple Leaf Cement Factory Ltd (11.7 million shares), Meezan Bank Ltd (7.2 million shares), Oil and Gas Development Company Ltd (6.6 million shares), and TRG Pakistan Ltd. contributed to a significant portion of the traded volume (5.8m shares).

Read more: External public debt falls by $4.7b

Exploration and production (-106.4 points), investment banking (-23.2 points), cement (-41.4 points), power generation and dist­ribution (-24.6 points), and textile composite (-18.4 points) contributed the most to the index performance

Rafhan Maize Products Company Ltd (Rs349), Reliance Cotton Spinning Mills Ltd (Rs45.64), Nestle Pakistan Ltd (Rs26.10), Good Luck Industries Ltd (Rs25), and Ismail Industries Ltd (Rs20) registered significant increases in their share prices.

Moreover, Pakistan Tobacco Company Ltd (Rs48.85), JS Global Capital Ltd (Rs20.44), Siemens Pakistan Engin­eering Ltd (Rs17.37), Blessed Textiles Ltd (Rs15), and Mari Petroleum Company Ltd (Rs11.68) recorded a substantial decrease in their shares prices in an absolute manner.

In conclusion, Foreign investors were net buyers. Because they purchased shares worth $0.08m,

Read more: Communication Ministry asked to clear Rs8.7bn owed to DISCOs

Sara Tayyab
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