KARACHI: Stock prices inched up on Tuesday as investors rushed to build positions in selected scrips across different sectors on strong valuations.

Arif Habib Corporation analyst Ahsan Mehanti said some late-session pressure was witnessed on share prices as a result of falling global crude oil prices and rising concerns over the unresolved circular debt in the power sector to the tune of Rs2.3 trillion.

But positive sentiments arising out of global index provider MSCI’s decision to add 15 listed companies to its Frontier Markets Index next month played a key role in restoring investors’ confidence.

In addition, higher foreign exchange reserves and the expectation about a positive outcome of the International Monetary Fund-approved circular debt management plan played the role of a catalyst in the bullish close.

As a result, the KSE-100 index settled at 48,565.75 points, up 141.35 points or 0.29 per cent from the preceding session.

The overall trading volume decreased 31.6pc to 251.7 million shares. The traded value decreased 47pc to Rs9 billion on a day-on-day basis.

Stocks contributing significantly to the traded volume included K-Electric Ltd (32.2m shares), WorldCall Telecom Ltd (26.2m shares), Dewan Motors Ltd (16.9m shares), Pakistan Petroleum Ltd (13.5m shares) and Oil and Gas Development Company Ltd (12m shares).

Companies registering the biggest increases in their share prices in absolute terms were Nestle Pakistan Ltd (Rs118), Al-Abbas Sugar Mills Ltd (Rs33.70), JDW Sugar Mills Ltd (Rs21.59), Systems Ltd (Rs20.73) and Pakistan Tobacco Company Ltd (Rs16.66).

Companies that recorded the biggest declines in their share prices in absolute terms were Sapphire Textile Mills Ltd (Rs27.45), Colgate-Palmolive Pakistan Ltd (Rs11.75), Johnsons & Phillips Pakistan Ltd (Rs6.95), Packages Ltd (Rs5.41) and Thal Ltd (Rs3.96).

Foreign investors were net buyers as they purchased shares worth $0.14m.

Published in Dawn, August 16th, 2023

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