KARACHI, March 15: The market capital on Monday soared by Rs10bn and breached through the barrier of Rs1,300bn, touching a record high level followed by active covering purchases in most of the massively-capitalized shares.

Both the KSE index and the market capital at 4,952.21 and Rs1,300.781bn, respectively, have attained their career-best levels so far and analysts predict a new record could best set in the weeks to come as the OGDCL-led rally is expected to keep investors in a positive mood.

The price flare-up reflected that bulls are now in full control of the market and may not loosen their grip on the price line before hitting the target of 5,000 index level.

With centre of speculative activity on cricket matches the return of the prodigal son to his original mode of investment could well mean anything to the future market outlook, hoped brokers.

The KSE 100-share index appears to be well on its road to the coveted level of 5,000 possibly during the current week as was indicated by its bullish start. It ended with a fresh rise of 37.07 points or 4,952.21 as compared to 4,915.14 a day earlier.

The decisive breach of the 4,950 index level reflects that the market is in the tight grip of the bulls and now they mean business and may take a technical breather after the target was hit.

Renewed heavy buying in OGDCL, having a weightage of 20 per cent in the recomposed index of the KSE 100-share index, is expected to bring near the target shortly after its addition in the list of 100 shares.

There was no pre-match sluggish when the market started its new week trading as all the money that went into cricket match betting was back in the system, generating a lot of flutters on selected counters, the cement shares being again the scene of massive speculative trading.

Some of the corporate announcements due from selected companies, including Al-Ghazi Tractors and some other auto shares, also evoked good interest on their respective counters, the brokers said.

The big money, which went into betting on the winning side in last Saturday's match, was back in the streamline as was well-reflected by the market's sustained run-up to the index level of 5,000.

"Who lost and how much is pretty difficult to predict as until the last moment no one could precisely forecast who will be the winner," analysts said, adding "terribly disturbed punters and speculators changed positions, but those who could peep into the minds of favourites were the ultimate winners."

All is well that ends well. Both India and Pakistan played well as too much national pride was attached to the game, the analysts said, adding the satisfying feature is that huge cash amounts that outflowed from the share business to the stock market are back in the system.

Plus signs again dominated the list under the lead of National Foods, Pakistan Refinery, HinoPak Motors, Unilever Pakistan, BOC Pakistan and Javed Omer, which posted gains ranging from Rs7 to Rs24.45.

Other good gainers included Pakistan Services, Clover Pakistan, Atlas Battery, Bhanero Textiles, Adamjee Insurance, Lakson Tobacco, Atlas Battery and Attock Refinery, up by Rs3 to Rs6.

Prominent losers were led by Rafhan Maize, which came in for active selling at the higher rates and fell by Rs25 followed by Fazal Textiles, Yousuf Textiles, Grays of Cambridge, Burewala Textiles, Shell Pakistan, Atlas Honda and Dawood Hercules, off Rs2 to Rs4.10.

Trading volume was maintained on the higher side at 372m shares as compared to the previous 383m shares as gainers maintained a strong lead over the losers at 253 to 130, with 46 shares holding on to the last levels.

The most active list was topped by OGDCL, higher by 95 paisa at Rs54.20 on 59m shares, followed by Dewan Salman, up Rs1.35 at Rs25.40 on 39m shares, Lucky Cement, firm by 15 paisa at Rs29.10 on 28m shares, PTCL, higher by 30 paisa at Rs39.75 on 24m shares and D.G. Khan Cement, lower 25 paisa at Rs48.20 on 19m shares.

Other actives were led by PIAC, up 35 paisa on 16m shares, Maple Leaf Cement, lower 40 paisa on 15m shares, Fauji Cement, easy 15 paisa on 14m shares, National Bank, higher by 65 paisa on 12m shares and Sui Northern Gas, up 20 paisa on 11m shares.

FORWARD COUNTER: Dewan Salman led the list of actives, higher by Rs1.05 at Rs25.35 on 6m shares followed by PTCL, up 35 paisa at Rs39.85 on 5m shares and MCB, higher by 65 paisa at Rs47.15 on 4m shares.