The textile experts at Amtex Limited Tuesday said talks of the company having to receive a huge amount on account of sales tax refund were just "rumours". Monday Amtex appeared as the day's second most-traded stock with its value shooting up to Rs 2.54 at close from the previous Rs 1.89 per share.
Tuesday was no exception for the textile firm to become the second most-traded issue with 11.76 million turnover. Opening at Rs 2.59, the stock hit the Rs 2.64 highest level before settling at Rs 2.13. "The management of the company has observed an unusual volume of 24.56 million along with increase of 34 percent in price of share of Amtex Limited on August 22," Company Secretary Zahir Javed said in a stock filing.
Addressing the managing director of Pakistan Stock Exchange, he clarified that rumours were being spread in the market by speculators regarding exaggerated figure of Sales Tax refund to the company. The refund in question, he said, amounted to Rs 24.25 million only against which Refund Payment Orders (RPOs) have been received up to August 23. "This information is being sent in the best interest of market participants and general public," Javed said.