KARACHI, May 23: Stocks on Friday posted fresh gains on a wide front as investors were not inclined to take even a weekend technical breather amid predictions of fresh price flare-up. The KSE 100-share index added another 20.45 points to its overnight gain at 3,079.95.

“Pre-budget speculative rally is still to manifest itself,” analysts said. “Investors are in the process of redefining their investment priorities before resuming pre-budget buying on the sectors of their choice.”

The buying interest is progressively from the high-profile shares to some hereto neglected issues, signalling a major change in the investor priorities, which is expected to give the needed depth to the broader market.

The KSE 100-share index is heading to hit its new target of 3,100 points possibly by the next week and indications are that pre-budget buying, which is still to make bigger showing could lift beyond this.

It finally ended around 3,078.50 as compared to 3,059.50 a day earlier as leading base shares maintained their upward drive on renewed covering purchases at the still attractively lower levels.

The leading base shares, notably PTCL and Hub-Power, are still under-priced and are a bit neglected as a formidable section of investors is building up new portfolios on the cement, and some other low-priced sectors.

“Political risks because of LFO deadlock are there,” analysts said but “investors seem to be taking cue from the economic data, showing an impressive increase both in revenue collections and the GDP.”

The pre-budget both genuine and speculative buying is still to emerge and once it makes its showing the trading pattern may undergo a major change, though temporarily.

Already there is a major change in investor buying strategy as most of them are opting for low-priced shares on the other counters instead of the overvalued amid predictions of handsome capital gains.

“Cement shares are on the top followed by reports of steady exports to Afghanistan,” one broker said adding “D.G. Khan Cement said to be the leading exporter is on the top followed by Lucky Cement and some others.”

Some other low-priced issues including FFC-Jordan Fertilizer, WorldCall, Sui Southern Gas and PIAC also came in for active support and finished with fresh gains amid active trading.

Plus signs again dominated the list, leading gainers being Shell Pakistan, Shafiq Textiles, Fazal Textiles and IGI Insurance, up Rs4.90 to Rs9.75, followed by Dewan Textiles, Bannu Woollen, Lakson Tobacco, Al-Ghazi Tractors, Goodluck industries and Dreamworld, which posted gains ranging from Rs3.10 to Rs3.95.

Losers were led by PSO, Island Textiles, PSO, Exide Battery, Packages and Unilever Pakistan, off Rs1.75 to Rs12 but the largest decline of Rs15 was noted in Parke-Davis.

Trading volume soared to 346m shares from the previous 271m shares as gainers maintained a strong lead over the losers at 273 to 110, with 55 shares holding on to the last levels.

The most active list was topped by PTCL, up 10 paisa at Rs26.10 on 49m shares followed by D.G. Khan Cement, higher 70 paisa at Rs18.35 on 39m shares, Hub-Power, lower 15 paisa at Rs35.25, on 32m shares, KESC, firm by 15 paisa at Rs5.90 on 29m shares and Lucky Cement, higher by 60 paisa at Rs14.35 on 20m shares.

Other actives were led by WorldCall, higher by 75 paisa on 18m shares, PS, off Rs1.75 on 16m shares, FFC-Jordan Fertilizer, steady 10 paisa on 12m shares, Sui Southern Gas, higher by Rs1.60 on 11m shares and Sui Northern Gas, lower 15 paisa on 10m shares.

FORWARD COUNTER: PTCL led the list of actives, up 10 paisa at Rs26.20 on 8m shares followed by PSO, off Rs1.45 at Rs214.75 on 7m shares, Hub-Power, easy five paisa at Rs35.35 also on 7m shares, Sui Northern Gas, lower five paisa at Rs32.15 on 3m shares and FFC-Jordan Fertilizer, up 20 paisa at Rs12.20 on 2m shares.