KARACHI, Dec 30: The KSE 100-share index on Monday briefly tested its new target of 2,700 points as investors continued to build-up long positions on selected counters aided by lure of capital gains but late selling in Hub-Power allowed it to finish slightly below the crucial level. It ended with an extended gain of 32.48 points at 2,693.86.

Leading bulls are now eyeing the index level of 3,000 points and Jamali’s vote of confidence could well prove a first step to the journey beyond this level possibly by March next year.

The last all-time single session index level was hit in March 1994, at 2,662.00 after the market capitalization rose to Rs610 billion as compared to the current one at Rs590 billion.

There could be technical interruption in between but the new target appears to be not very ambitious viewed in the backdrop of investor mood and steady inflow of massive amounts into the share business.

The last week of the current year witnessed, the index hitting its new career-best level and analysts found it pretty difficult to justify its meteoric rise by the financial figures or the rebound in the economy.

“I don’t call it a speculative run-up as big ones led by the cash-heavy financial institutions have joined the battle to put the prodigal son in its proper perspective”, they said adding but “in a massively overbought market any thing could happen any day”.

No one could dispute the fact that strong institutional support has lured retailers as well as overseas Pakistani into the arena and that is what a perfectly sound bull market yearn for.

And added to it are higher dividend news even from the ailing textile sector, which ensure higher return on investment than putting the money in the back accounts.

The mid-session saw the KSE 100-share index breach through the psychological barrier of 2,700 points but late profit-selling in PTCL and Hub-Power brought it down to finish around 2,693.86, up by 32.49 points.

Top gainers were led by Dawood Cotton, BOC Pakistan, Grays of Cambridge, PSO and Unilever Pakistan, up Rs8.85 to Rs35. PSO finished around its circuit breaker. Usman Textiles, Premier Sugar, Pakistan Refinery, Shell Pakistan, Indus Motors, Pak-Suzuki Motors and Mitchell’s Fruits also showed good gains.

Losers were led by Cherat Papers, Wyeth Pakistan, Clariant Pakistan, Shell Gas and Siemens Pakistan, off Rs2.80 to Rs14, the largest fall being in Siemens Pakistan. Blessed Textiles, Gadoon Textiles, Kohinoor Weaving also fell by Rs1.70 to Rs1.95 after the dividend announcements followed by Sarhad Cigarette, and Security Papers.

Trading volume fell to 461m shares from the all-time single-session high level of 632m shares hit on last Friday as gainers held a modest lead over the losers at 161 to 152, with 46 shares holding on to the last levels.

The most active list was topped by PTCL, up by 75 paisa at Rs26.35 on 156m shares followed by Hub-Power, off 50 paisa at Rs38.40 on 116m shares, PSO, higher by Rs13.95 at Rs212 on 54m shares, Sui Northern Gas firm by five paisa at Rs24.80 on 24m shares and D.G.Khan Cement, higher 55 paisa at Rs14.10 on 17m shares.

Other actives were led by PIAC “A”, lower 25 paisa on 15m shares, ICI Pakistan up 15 paisa on 10m shares, Engro Chemical, unchanged at Rs92.50 on 9m shares, National Bank, easy five paisa on 6m shares and FFC-Jordan Fertiliser, off 20 paisa on 5m shares.

FORWARD COUNTER: PTCL came in for renewed speculative buying and ended higher by 70 paisa at Rs26.65 on 21m shares followed by Hub-Power, off 55 paisa at Rs38.75 on 20m shares. The notable feature was that the matured December settlements were rung off the board and the January settlements assumed the role of ruling contracts.