KARACHI, July 6: Stocks on Wednesday finished with an extended gain but trading lacked normal interest as investors played on both sides of the fence apparently awaiting some positive official announcement on the widely-rumoured parallel COT market.

Buying support remained highly selective as investors were not inclined to move away from the “safe havens” until the issue of badla financing is sorted out. The resumption of covering purchases in PTCL despite two opinions about the fault and repair of the damaged optic fibre cable and aided the market to extend the overnight rally.

Stocks, therefore, rose and fell amid conflicting rumours about the parallel badla market, but there was no official word on the issue till the closing bell.

However, there was a loud whispering in the KSE corridors that an agreement has been reached between the authorities concerned on the parallel badla market, that is, it will go along with the bank margin financing until December and official announcement may be around any time.

An idea of badla related selling and buying may well be had from the fact that the KSE 100-share index early fell by 70 points, as there was no official word on the badla issue but later rose followed by reports of agreement and an announcement any time.

Uneven performance being turned in by the leading oil shares in each session is well reflected in the either way movement of the index and its vulnerability to bad news.

It ended the day with a fresh rise of 12.82 points at 7,530.34 as compared to 7,517.52 a day earlier as some of the leading base shares managed to end modestly higher under the lead of PTCL and some others.

There was no end to conflicting reports about the repair of damaged optic fibre cable, which has disturbed communication links with the Gulf and some other countries, but indications are that it will take another week to be fully operational.

However, floor brokers and investors were more concerned about the badla related issue rather than damage to the optic fibre cable, although some of them claim that they are facing communication gap in honouring orders from the Dubai-based buyers of shares.

“There appears to be some positive developments on the extension of badla financing up to Dec 31, along with margin financing in an effort to give sufficient time to the investors for a smooth switchover,” analysts said. “But undue delay in its announcement is keeping the market in a terribly state of uncertainty.”

Mari Gas and Unilever Pakistan managed to finish with an extended gain of Rs9.55 and Rs26.00, followed by Arif Habib Securities, Adamjee Insurance, EFU General, Premier, Dawood Hercules, Century Papers, Abbott Lab, Pakistan Cables, Pakistan Oilfields and Artistic Denim, which posted gains ranging from Rs3.30 to Rs7.75.

Shell Pakistan and Pakistan Services fell by Rs4.75 and Rs5, with others showing either way fractional price changes.

Trading volume rose to 288m shares from the previous 138m shares as gainers held a fair lead over losers at 166 to 112, with 33 shares holding on to the last levels.

PTCL was actively traded on reports of foreign buying, up 50 paisa at Rs65.20 on 77m shares, followed by OGDC, off Rs1.55 at Rs108.05 on 76m shares, Fauji Fertilizer Bin Qasim, up Rs1.35 at Rs29 on 17m shares, Pakistan Oilfields, higher by Rs5 at Rs289.60 also on 17m shares, National Bank, unchanged at Rs107.75 on 15m shares, DG Khan Cement, up Rs2.10 at Rs57.10 on 13m shares, and Pakistan Petroleum, off Rs2.80 at Rs218.85 on 10m shares.

Other actives were led by Nishat Mills, up one rupee on 10m shares, MCB, higher by Rs2.65 on 8m shares and PSO, off 35 paisa at Rs381.95 on 7m shares.

FORWARD COUNTER: OGDC came in for active selling at the overnight inflated level and reacted to finish lower by Rs1.30 at Rs109.45 on 24m shares followed PTCL, steady 10 paisa at Rs65.75 on 20m shares, and Pakistan Petroleum, off Rs2.75 at Rs221.90 on 16m shares.