KARACHI: 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).

Companies registering the biggest increases in their share prices in absolute terms were Colgate-Palmolive Pakistan Ltd (Rs116.92), Bhanero Textile Mills Ltd (Rs84.99), Bata Pakistan Ltd (Rs45.32), Faisal Spinning Mills Ltd (Rs29.21) and Mari Petroleum Company Ltd (Rs20.76).

Companies that recorded the biggest declines in their share prices in absolute terms were Sapphire Fibres Ltd (Rs91.01), Philip Morris Pakistan Ltd (Rs35.22), Siemens Pakistan Engin­eering Ltd (Rs26.99), Blessed Textiles Ltd (Rs18) and Sapphire Textile Mills Ltd (Rs15).

Foreign investors were net buyers as they purchased shares worth $0.38m.

Published in Dawn, June 8th, 2023

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