PSX rises 112 points on agriculture package.

KARACHI -- Stocks extended the gaining streak to the third day mainly on buying in shares of fertiliser and tractor companies. The KSE-100 index surged 111.86 points (0.33 per cent) and closed at 33,804.90.

Yet, the market remained volatile throughout the session as it opened up by 204 points and made to intraday high by 304, before massive profit-taking took hold by individuals and institutions which sent the index scurrying down to intraday low of six points in the negative.

Foreigners were net buyers of stocks in the symbolic sum of $0.07 million, but investors wondered if it had anything to do with the MSCI semi-annual review a day earlier where Pakistan retained its place in the Emerging Market index.

The market drew earlier optimism from the approval of the agriculture package by the Economic Coordination Committee of the cabinet a day earlier in the tidy sum of Rs50 billion. Since the relief has been drawn up to help farmers in purchase of DAP and tractors, it ignited investor interest in fertilisers which turned green. Tractors also saw price flare up.

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