KARACHI, Aug 30: Stocks on Friday showed fresh widespread gains as investors continued to build-up long positions on selected counters aided by perceptions of higher dividend by PTCL and Hub-Power.

Both the issues also came in for strong speculative buying on the forward counter and led the list of most actives both in the ruling August and September settlements. However, unlike the previous session price changes were mostly orderly and there was no speculative run-up. Engro Chemical was an exception, which fell by one rupee for the ruling August contract on renewed profit-selling.

The KSE 100-share index posted a fresh rise of 23.79 points at 1,974.59, reflecting the strength of leading base shares including PTCL and Hub-Power.

Now its near-term target appears to be 2,000 point level, which could possibly be touched by the next week ahead of Hub-Power board meeting on Sept 4.

Bulk of the support remained confined to Hub-Power and PTCL as investors continued to make extensive buying followed by reports of higher earnings and hopes of enhanced dividend.

The fresh avalanche of buystops was also triggered by reports that the KSE has allowed the foreign investors and funds to have 100 per cent stake in the local corporate brokerage houses on the condition that they must be headed by a local director.

“The perception that foreign funds may make deeper inroads in the local share business in the coming months hastened speculators and bargain-hunters to take fresh positions in most of the MNCs at the prevailing rates”, analysts said.

Renewed heavy short-covering in Hub-Power after Thursday’s reaction is essentially based on predictions that its final dividend could be much higher than analysts think.

Energy, cement and chemical sectors remained in active demand where prices generally rose in some cases sharply higher but food, investment and textile shares showed fractional fall in the absence of strong demand and profit-selling at the higher level in the food shares, notably Nestle MilkPak and Rafhan Maize Products.

Leading gainers were led by Pakistan Oilfields followed by reports of its early sell-off and Shell Pakistan, which rose by Rs10.50 and Rs17.75 respectively. Heavy buying in Shell Pakistan is attributed to keep its share value well above that of PSO, which has during the last couple of sessions had risen above the Rs200 mark.

Shell Pakistan apparently in a bid to keep its premium over PSO was quoted at Rs254.70 on a business of 0.268m shares. But on the other hand the recent upturn was halted in PSO at Rs202.65.

Other prominent gainers were led by Adamjee Insurance, Shafiq Textiles, Lakson Tobacco, BOC Pakistan, Noon Sugar and some others, up Rs2 to Rs3.30.

Losers were led by Shell Gas, Attock Refinery, Clover Pakistan, Siemens Pakistan, Rafhan Maize and Nestle MilkPak, off Rs1.50 to Rs9.55, the largest fall of Rs25 being in Wyeth Pakistan. Trading volume rose to 232m shares from the previous 226m shares as the advancing shares maintained a strong lead over the losing ones at 146 to 96, with 53 shares holding on to the last levels.

The most active list was topped by Hub-Power, higher 35 paisa at Rs28.75 on 82m shares followed by PTCL, up 40 paisa at Rs20.15 on 69m shares, PSO, easy 15 paisa at Rs202.65 on 22m shares, D.G. Khan Cement, firm by 25 paisa at Rs11.65 on 9m shares and Sui Northern, steady 15 paisa at Rs15.65 on 8m shares.

Engro Chemical led the list of other actives, lower 20 paisa on 5m shares, ICI Pakistan, steady five paisa on 4m shares, Dewan Salman, firm by 20 paisa also on 4m shares, Adamjee Insurance, higher by Rs2 on 3.769m shares and National Bank, off 40 paisa on 3.666m shares.

CLEARED LIST: Steadier conditions prevailed on this counter as speculative forces remained active buyers and sellers in most of the pivotals. Hub-Power accounted for about 13m shares in both the settlements up 25 to 39 paisa, followed by PTCL, higher by 45 and 39 paisa on over 7m shares. PSO fell modestly by 15 paisa for the August settlement, while rose by 25 paisa for the September delivery on over 3m shares.