KARACHI, March 1: Blue chips on Friday maintained their upward drive and mostly finished further higher under the lead of PTCL and some other pivotals barring PSO, which ran into profit-selling at the inflated levels. The KSE 100-share index gained another 8.55 points at 1,774.51 amid another massively traded session.

The rising volumes though in selected shares, notably those which are under the process of privatization, show that buying interest is expanding to the broader market, which well mean that investors are taking long positions and for good reasons too.

Heavy buying in PTCL featured the trading on the stock market where current favourites managed to finish the weekend session on a firm note despite larger unloading by jobbers and sundry speculators.

The underlying sentiment, however, remained mixed amid fears of a negative fall-out here of Indian riots and killing of hundreds of Muslims. A massive activity of about 110m shares in PTCL reflects that speculative forces have started to take positions in it around the current levels ahead of its privatization along with other mega issues, including PSO by the end of June.

PSO, already under speculative squeeze for identical reasons together with the PTCL, has added new dimensions to the daily traded volumes above 250m shares, sending signals that it may not be that easy to check the current bull-run aided by several positive factors, including the perceptions of an economic recovery.

The KSE 100-share index eying the next chart point of 1,800, maintained its upward steady drive on the strength of leading base shares notably the PTCL and ended with a fresh rise of 8.55 points at 1,774.51 as compared with 1,765.96 a day earlier.

“The index is sure to breach the barrier of 1,800 points on the strength of positive basic fundamentals well before the new recomposed 100-share index makes its debut on March 18,” stock analysts at the W.E. Financials predict, adding “not for a KSE record books, but as an exponent of the market’s relative buoyant mood.”

Stock analysts at the Moosani Securities and the AHRL say the market could run into profit-selling to meet its technical demands, but its future outlook appears bullish based, of course, on positive background news on the financial front.

Meanwhile, a blank year from the mega company such as ICI Pakistan as it Thursday’s (Feb 28) board meeting along with its sister company Pakistan PTA did affect the market sentiment as was reflected by sharp decline in its share value.

Big gainers were led by Javed Omer, Sapphire Fibre, Attock Refinery, Rupali Polyester, Dawood Hercules, Clariant Pakistan, Pakistan Gum Chemicals, Murree Brewery, EFU Life Insurance, IGI Insurance and Security Papers, which posted gains ranging from Rs1.20 to Rs2.95.

Losers were led by PSO, Shell Pakistan, Siemens Pakistan, Burewala Textiles and Nestle MilkPak, falling by Rs2.05 to Rs6.95, the largest decline being in Nestle MilkPak. Chashma Sugar, Dewan Sugar and Engro Chemical also fell by Rs1.40 to Rs1.55 and so did some others.

Trading volume was maintained on the higher side thanks to heavy turnover in the pivotals totalling 263m shares as gainers held a fair lead over the losers at 107 to 92, out of the 238 actives.

PTCL topped the list of most actives, up 40 paisa at Rs19.55 on 110m shares followed by Hub-Power, also up by the same amount at Rs29.50 on 77m shares, Sui Northern, firm by 15 paisa at Rs14 on 16m shares, PSO, off Rs2.25 at Rs146.25 on 15m shares and FFC-Jordan Fertiliser, steady by five paisa at Rs5.60 on 10m shares.

Fuaji Fertiliser followed them, firm by 10 paisa on 6.356m shares, National Bank, up 25 paisa on 4.220m shares, KESC, lower 25 paisa on 3.480m shares, ICI Pakistan, off 50 paisa on 2.696m shares and Maple Leaf Cement, up 60 paisa on 2.532m shares.

FUTURE CONTRACTS: Forward counters showed easy trend where leading shares notably, ICI Pakistan, PSO and Engro Chemical came in for active selling and finished with losses ranging from 45 paisa to Rs1.55, the largest Rs2.10 being in PSO at Rs145.90. Engro Chemical fell by Rs1.45 at Rs72.70.