KARACHI, March 11: Stock prices rose further on Monday as investors continued to build-up long positions on selected counters aided by perceptions of a continued bull-run ahead of the massive privatization programme.

The KSE 100-share index posted a fresh gain of 21.69 points at 1,872.71 as compared to 1,851.02 at the last weekend as leading base shares maintained their upward drive under the lead of PTCL.

Although both the local investors and the institutional traders continued to build-up long positions, there was no evidence of foreign support even in some of the leading MNCs.

A section of foreign funds is watching the performance of the KSE index and may enter the market after it hits their pre-determined level probably of 2,000 points ensuring that the market has stabilized at a viable level and there is no possibility of an imminent bear-run, says a prominent member of the KSE adding their entry could further boost the index above the 2,000-point level.

“A wave of sell-off of some mega issues during the next couple of months did not allow investors to sit idle before prices go further higher”, stock analysts at the Moosani Securities say “everyone appears to be in a haste to grab as many shares as their financial positions allow”.

The other contributory positive factor was reports of pressure on the floating stock on some counters, which is also aiding the price increases in selected sectors.

Though not precisely reinforced by the official export figures, the lure of increase in quota and some tax exemptions by the European Union and the US continued to inspire fresh buying on the export sector, notably the textile one.

The general perception is, therefore, that the KSE 100-share index could have an overview what it has left behind after hitting its new chart point of 2,000.

“The index is progressively rising, of course after consolidating earlier gains, to the coveted level of 2,000 well ahead of the sell-off of some mega state-owned units and no one is inclined to miss the rising market where blue chips still ensure handsome capital gains”, analysts at the AHRL say.

Dividend announcements from all the sectors including the textile are above the market expectations and are evoking good interests on their respective counters, they added.

Most floor brokers believe there is a combination of positive factors, which could keep the market in a buoyant mood in the coming months also irrespective of its overbought position.

Prominent gainers were led by Reckit and Benckise, Clariant Pakistan, Shell Pakistan, Wyeth Pakistan, and Lever Brothers, which posted gains ranging from Rs2.70 to Rs11, Shell Pakistan and Wyeth being leading among them rising by Rs4.20 to Rs10.

Others to follow them were 9th ICP, Javed Omer, MCB, Ideal Energy, PSO, Millat Tractors, Bata Pakistan and Tri-Pack Films, up by Rs1.50 to Rs2.50.

Major losers included Singer Pakistan, Metro Life Assurance, Shahmurad Sugar and Aventis Pharma, off one rupee to Rs2.75.

Trading volume fell further as most liquid shares including Hub-Power and PSO are being traded spot to 173m shares from the previous 184m shares but gainers held a strong lead over the losers at 153 to 57, with 52 holding on to the last levels.

The active list was again topped by the PTCL, firm by 15 paisa at Rs20.45 on 39m shares followed by FFC-Jordan Fertiliser, lower 10 paisa at Rs6.70 on 25m shares, Sui Northern, up 25 paisa at Rs15.75 on 20m shares, Dewan Salman, higher 70 paisa at Rs17.10 on 12m shares and National Bank, up 65 paisa at Rs22.70 on 11m shares.

ICI Pakistan followed them, up Rs1.15 on 10m shares, Pakistan PTA, higher 70 paisa on 7m shares, MCB, firm by Rs1.70 on 5m shares, Sui Southern, steady 10 paisa on 4m shares and Nishat Mills, up 25 paisa on 3.423m shares.

FUTURE CONTRACTS: PSO came in for strong support and rose by Rs2.30 at Rs159.75 on 2.219m shares followed by ICI Pakistan, higher by Rs1.15 at Rs52.40 on 0.390m shares.