KARACHI, May 20: Stocks on Thursday gave another improved performance as leading investors covered positions at the lower levels on almost all the counters amid an actively traded session. KSE 100-share index recovered another 39.16 points at 5,477.84.

The announcement of the date of the federal budget (June 5) appears to have reinforced investor perceptions, in the backdrop of feelers from Islamabad, about a investment-friendly budget laden with a number of fiscal incentives and tax concessions, brokers said.

"I don't call it the beginning of the pre-budget speculative buying but investors are certainly preparing priority lists of those shares expected to get fiscal incentives or tax reliefs," says a leading stock analyst adding "pre-budget sessions always hum with activity amid rumours and leaks."

There is, however, a possibility that the pre-budget buying euphoria based on some rumours or budgetary leaks could push the market further higher enabling it to establish new peak levels both in terms of index and market capital levels.

Heavy buying in the energy sector, notably of natural gas shares reflects that some of the well-informed "big ones" have already some cue about the relief to this sector and have started indulging in mopping operations.

OGDC, after several lean sessions was in its real self as buying offers flooded the market from all the quarters at its current level as below Rs70, it is considered a "goodbuy", brokers said.

Leading cement shares on the other hand attracted profit-selling at the higher levels and finished with modestly reacted under the lead of DG Khan Cement, being the most active and liquid among them.

Reports from across the border were also fairly encouraging on the perception of smooth transition of power to the Congress-led coalition after the nomination of Manmohan Singh as the next Indian prime minister. The prime minister-designate vowed to seek peace with Pakistan through talks.

In a brisk activity, the KSE 100-share index finished with an extended gain of 39.16 points at 5,477.84 as compared to 5,438.68 a day earlier, reflecting the strength of OGDC and some other pivotals.

Most of the leading investors who had been busy with Bank Al-Falah issue are now back in the market and have resumed their normal trading activity, which is well-reflected in large volumes.

Plus signs again dominated the list, major gainers among them being Al-Ghazi Tractors and Grays of Cambridge, which rose by Rs10 each followed by Al-Abbas Sugar, HinoPak Motors, Pak Electron, Sitara Chemicals, Bata Pakistan and Atlas Battery, which posted gains ranging from Rs4 to Rs8.75.

Losers were led by Siemens Pakistan and Unilever Pakistan, off Rs28.45 and Rs40 on active selling. PSO, Glaxo-SKF, Pakistan Papers Products, Century Papers, International Industries and Clover Pakistan were among the other prominent losers, off by Rs2 to Rs4.

Trading volume further rose to 506m shares from the previous 475m shares as the advancing issues maintained a strong lead over the losing ones at 215 to 135, with 56 shares holding on to the last levels.

OGDC topped the list of most actives, up Rs2.15 at Rs48 on 70m shares followed by DG Khan Cement, lower 30 paisa on selling at the higher levels at Rs61.75 on 39m shares, Sui Northern Gas, sharply higher by Rs3.75 at Rs69.65 on 37m shares, Fauji Cement, easy 40 paisa at Rs17.25 on 36m shares and National Bank, higher by Rs1.50 at Rs69.20 on 33m shares.

Other actives were led by Maple Leaf Cement, firm by 20 paisa on 31m shares, Sui Southern Gas, up 70 paisa on 25m shares, FF Bin Qasim, steady 15 paisa on 24m shares, Bosicor Pakistan, up 50 paisa on 16m shares and Lucky Cement, unchanged on 15m shares.

FORWARD COUNTER: Bank Al-Falah remained in strong demand and rose by 40 paisa at Rs64.50 on 9m shares followed by Sui Northern Gas, sharply higher by Rs3.60 at Rs69.70 on 4m shares FF Bin Qasim, steady by 10 paisa at Rs20.60 on 3m shares and PTCL, up five paisa at Rs43.50 on 2m shares.