KARACHI, July 17: Stocks on Wednesday maintained their upward drive as investors continued to build-up long positions at the lower levels almost on all the counters. The KSE 100-share index recovered another 28.40 points or 1.6 per cent at 1,762.36.

Strong institutional support provided the much needed boost to the general investors most of whom closely followed its lead and mostly picked up those shares, which form the basis of new account portfolios.

Spectacular performance turned in by the PTCL in the backdrop of reports that the government may not sell it to any strategic foreign investors owing to its immense earning capacity appears to have proved a major morale boost for the stock brokers, most of them build-up long positions in it following the lead of financial institutions.

The KSE 100-share index finished close to its chart level of 1,800 points at 1,790.76, up 28.40 points as compared to 1,762.36 a day earlier, signalling that it could consolidate well above this immediate target.

“As the mood of tired bulls reflects, they are not inclined to leave the arena until the recent gains are fully secured,” one broker said, adding and “in the process the index could rise to any highs below 1,900 level.”

After several lean sessions when the turnover figure fell to a recent low of 21m shares, day’s tally soared past the 100m share mark at 126m shares as bulls led by the institutional traders were not inclined to look back even for a moment.

“The financial institutions seem to have resumed their new fiscal buying at the current attractively lower levels and as the market is still in a highly oversold position, prices could rise further,” most stock analysts believe.

Bulk of the covering purchases were confined to the pivotals such as PSO, PTCL after reports that the Privatization Commission may not sell it because of its higher profits, and Hub-Power. Some of them even were poised to the breach through their circuit breakers.

ICI Pakistan was, however, an exception, which breached the circuit breaker as its share value rose by Rs2.75 above the ceiling rate of Rs2.50 on strong institutional-led support.

“Institutional traders and leading bulls have apparently joined hands to keep the market out of the reach of bears as they have already benefited from the recent manoeuvring,” brokers said.

Leading gainers were led by Clariant Pakistan, Shell Pakistan, Abbott Lab after the announcement of 15 per cent interim dividend, Wyeth Pakistan and Pak Reinsurance, up by Rs2.75 to Rs25.50.

They were followed by most of the ICP Mutual Funds, KASB & CO, ICI Pakistan, Javed Omer, PSO, Atlas Honda and Crescent Textiles, which rose by Rs1.50 to Rs2.45.

Prominent losers included Dreamworld, Nestle MilkPak, Shafiq Textiles, General Tyre, Prosperity Weaving, Sazgar Engineering and Siemens Pakistan, off by one rupee to Rs5.

It was perhaps in this background that the trading volume rose to 126m shares from the previous 74m shares as gainers maintained a strong lead over the losers at 173 to 42.

PTCL led the list of most actives, up 65 paisa at Rs17.85 on 43m shares followed by Hub-Power, higher by 35 paisa at Rs24 on 24m shares, PSO, Rs2.20 at Rs138.05 on 10m shares, National Bank, 85 paisa at Rs21.30 on 7m shares and MCB, firm by 20 paisa at Rs25 on 6m shares.

Other actives were led by D.G. Khan Cement, higher 55 paisa on 6m shares, ICI Pakistan, up 75 paisa on 5m shares, Engro Chemical, firm by 90 paisa on 4m shares, Telecard, steady by 40 paisa on 2m shares and Fauji Fertilizer, up 70 paisa on 1,703m shares.

FUTURE CONTRACTS: PSO and ICI Pakistan came in for strong support and rose by Rs2.40 and Rs2.60 at Rs138.55 and Rs40.65 on 3.570m and 0.563m shares, respectively.