December 7, 2001	Friday	Ramazan 21, 1422

KARACHI, Dec 6: Stocks on Thursday maintained their upward drive as selective support figured prominently on the blue chip counters aided largely by the PTCL board meeting next Monday and market talk on an interim dividend. The KSE 100-share index gained another 6.33 points at 1,380.46.

The PTCL directors may not opt for an interim dividend as widely speculated in the market but its expected sales for the first quarter of the current fiscal could keep investors in an upbeat mood at least till the Eid holidays.

The board meetings over a dozen other companies including some MNCs are also due next week, which in turn evoked good short-covering on their respective counters.

The KSE 100-share index rose further by 6.33 points at 1,380.46 as compared to 1,374.13 a day earlier, reflecting the strength of leading base shares including PTCL and Hubco, which hold 43 per cent weightage in it.

“The index is steadily inching toward its next target of 1,400 points after sustaining the support level of 1,370.00,” brokers predict “this level is expected to be hit possibly before the Eid holidays”.

The general perception is that the Bonn power sharing deal among the Afghan factions could lead to a durable peace in Afghanistan allaying fears of local investors about the Afghan situation and continued war, he adds.

Reports from the foreign aid front are fairly encouraging as fresh dollar amounts are pouring in on different heads, lifting the forex reserves to well over $5 billion, stock analysts said.

“Economy has already started picking up despite some shipment problems on the export front but cheaper oil prices have a competitive cost-cut impact on the industrial productivity”, they added.

Leading shares on all the counters, therefore, ended higher, major gainers being in the textile, energy and chemical sectors.

Al-Ghazi Tractors, which rose by Rs2 was leading among the gainers, followed by Kohinoor Raiwind, Pakistan Oilfields, Knoll Pharma, Cherat Paper, Packages and Security Papers, which rose by one rupee each.

Losers were led by IGI Insurance, Wah Nobel Chemical and Lever Brothers, which suffered fall ranging from Rs2 to Rs4.40, while all other fell by Rs1.25 to Rs1.75, leading among them being 12th ICP, Shell Pakistan, Capital Asset Leasing, New Jubilee Insurance, Latif Cotton, Crescent Steel and Pakistan Gum Chemical.

Trading volume showed a modest rise at 38 million shares from the previous 34 million shares but gainers and losers about evenly matched at 73, out of 184 actives.

PTCL was again actively traded, up five paisa at Rs18.20 on 14m shares, followed by Hub-Power, higher 25 paisa at Rs20.25 on 4m shares, PSO, firm by 10 paisa at Rs101.40 on 3m shares, Sui Northern Gas Company, up 15 paisa at Rs11.45 also on 3m shares and Nishat Mills, lower 30 paisa at Rs16.50 on 2m shares.

Adamjee Insurance led the list of other actives, up 55 paisa on 1.598m shares, Lucky Cement, firm by 15 pai