Stocks extend overnight gains on value-hunting.

KARACHI -- Bulls controlled the Pakistan Stock Exchange on Wednesday as investors expected Pakistan's exclusion from the grey list of the Financial Action Task Force, said Arif Habib Ltd.

The KSE-100 index stayed in the green zone as stock traders opted for value-hunting in oil and gas marketing, cement and exploration and production sectors, it added. The reason for value-hunting was that most stocks were available at attractive price levels, according to Topline Securities.

Another reason for optimism was China's consent to roll-over a $2.3 billion loan to Pakistan, said JS Global. However, the market is still expected to stay range-bound and, therefore, investors should stay cautious, it noted.

As a result, the KSE-100 index settled at 41,438.79 points, up 384.11 points or 0.94 per cent from a day ago.

The trading volume increased 18pc to 141.7 million shares while the traded value went up 41.6pc to $23.1m on a day-on-day basis.

Stocks contributing significantly to the traded volume included TPL properties Ltd (17.35m shares), Balochistan Glass Ltd (9.85m shares), Pakistan Refinery Ltd (8.92m shares), WorldCall Telecom Ltd (5.67m shares) and Sui Northern Gas Pipelines Ltd (5.39m shares).

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