KARACHI, Feb 21: Stocks on Thursday maintained their upward thrust as investors were not inclined to take a technical breather amid predictions that the current run-up could be intensified during the post-Eid holiday sessions.

Most of the weak-holders and jobbers, however, took profits at the inflated levels apparently in a bid to celebrate Eid without having any worry about their stake in shares and peace of mind.

The KSE 100-share index early was up by 22 points, what analysts called, the continuation of buying euphoria in PSO, but late profit-selling allowed it close with trimmed gain of 8.70 points at 1,723.64 as compared to 1,714.94.

The index is inching to regain its pre-reaction level of above 1,800 points from where it could move to new peak on the strength of bullish fundamentals and perceptions of a robust economy.

Although after-tax profit of Pakistan State Oil (PSO) at Rs452m showed a decline of 66 per cent as sales fell owing to inventory losses and volatile oil prices, the perception of an improvement during the second half of the current year did not allow the “big ones” to take a bearish view of the interim accounts.

“It is not written in the record books that a corporate entity will always earn hefty profits,” stock analysts at the W.E. Financials contend, adding “the profitability of a company is dependent on many allied positive factors, which add to its previous records.” The interim dividend of 30 per cent may be lower than Hubco’s 40 per cent, but whose knows its final could show an improvement over the previous cash 100 per cent, they added.

The Punjab-based support, which has pushed its price by Rs15 during the pre-dividend sessions may not be trapped as they have cornered a substantial quantity of floating stock to hold the price line, brokers said.

Stock analysts at AHRL predict there is nothing to suggest that the current run-up is overdone, it is expected to be further intensified after trading resume during post-Eid holiday sessions.

The fact that both the index and the broader market have closed with, the pre-Eid holiday week, which generally attract selling, gain tells that bulls are not inclined to lay their guards.

Plus signs, therefore, maintained a fair lead over the minus ones, a remarkable performance in view of a long weekend ahead, with most of the blue chips finishing with extended gains.

Leading gainers were led by Apollo Textiles, Al-Ghazi Tractors, Gatron Industries, Atlas Honda, Fauji Fertiliser, Bata Pakistan, Tariq Glass and Century Papers, which rose by Rs1.50 to Rs2.25.

Crescent Steel, BOC Pakistan, SK&F and Lever Brothers were among the other major gainers, which posted gains ranging from Rs2 to Rs6.

Losers were led by Shell Pakistan, which fell by Rs4.50 followed by Mitchell’s Fruits despite a good dividend of 35 per cent, EFU Life, Mehmood Textile, owing to lower dividend of 47 per cent, Jahangir Siddiqi & Co, Quality and Ashfaq Textiles and Johnson and Philips, which suffered fall ranging fro Rs1.25 to Rs3.75.

Traded volume showed a modest rise at 195 million shares as gainers held a fair lead over the losers at 102 to 89, out of 240 actives.

Hub-Power was again the top performer, up 25 paisa at Rs28.75 on 86m shares followed by PTCL, firm by 15 paisa at Rs18.15 on 36m shares, PSO, lower 20 paisa at Rs131.50 on 13m shares, Fauji Fertiliser, higher Rs1.80 at Rs51 on 12m shares and Sui Northern Gas, easy 25 paisa at Rs13.70 on 11m shares.

Other actives were led by National Bank, firm by 10 paisa on 5.450 shares, Engro Chemical, unchanged on 4.161m shares, KESC, lower 30 paisa on 3.918m shares, FFC-Jordan Fertiliser, steady five paisa on 3.856m shares and Lucky Cement, up 30 paisa on 2.622m shares.

FUTURE CONTRACTS: Speculative shares also followed the lead of the ready section and generally ended further higher in both the settlements. Major gainers among them being PSO and Fauji Fertiliser, which posted gains ranging from one rupee to Rs2.60. Among the losers, MCB was leading, off Rs1.25 at Rs24.25 on selling at the higher levels.