Stocks extend overnight gains on positive triggers
The pre-budget rally remained in full swing on the Pakistan Stock Exchange (PSX) as share prices rose on Wednesday amid positive triggers. Topline Securities said expectations of major incentives for technology companies in the upcoming budget as well as news reports suggesting a potential deal between the government and the global oil giants about establishing the customs-bonded storage facilities to maintain crude oil and petroleum products at port kept the relevant shares on the investors’ radar. The bullish momentum prevailing since last Friday has so far posted a return of over two per cent, it added. Arif Habib Ltd said the momentum on the bourse prevailed on the rumours about the continuation of the International Monetary Fund (IMF) programme. As a result, the KSE-100 index settled at 42,142.71 points, up 219.25 points or 0.52pc from the preceding session. The overall trading volume increased 38.1pc to 332.5 million shares. The traded value went up 0.4pc to $25m on a day-on-day basis. Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (79.6m shares), Telecard Ltd (16.6m shares), Pakistan International Bulk Terminal Ltd (15.4m shares), TPL Properties Ltd (13.4m shares) and Unity Foods Ltd (13.4m shares). Sectors contributing the most to the index performance were technology and communication (100.1 points), chemical (44.8 points), exploration and production (36.5 points), oil marketing (21.3 points) and vanaspati and allied industries (13.5 points).