KARACHI, Aug 18: Stocks on Wednesday finished with an extended gain as follow-up support figured prominently on all the counters aided by an anticipated victory of the prime minister-designate in the election and reports of higher corporate earnings.

The market's buoyant mood was also well-reflected in the KSE 100-share index, which broke through the psychological barrier of 5,400 points after several lean trading weeks as institutional traders made fresh extensive buying in cement and energy shares at the lower levels.

The important thing was that it sustained the coveted level till the closing bell, reflecting that it will resume its upward march in the backdrop of a possible victory of the prime minister- designate in the polls.

It finally ended at 5,417.44 as compared to previous 5,377.75, showing a fresh gain of 39.69 points. All the leading base shares rose further under the lead of OGDC and PTCL.

Although election results will be officially announced by late night, punters based their covering purchases on the assumption that Finance Minister Shaukat Aziz will win the MNA seat to become next prime minister of the country.

Despite being victim of the Capital Value Tax (CVT), the market is expected to explore new ground during the next couple of sessions to greet the new prime minister. "The victory of Shaukat Aziz is a foregone conclusion", predicts a leading broker adding "the candidate of party in power seldom loses in typical Pakistani elections".

Both leading investors as well as financial institutions were taking positions on the low-priced counters having potential of capital appreciation anticipating victory of Shaukat Aziz.

"Known for his investment-friendly financial policies investors are awaiting the occasion when he takes over as the country's prime minister during the next couple of days", analysts said.

Cement, energy, fertilizer, insurance and auto shares led the market advance and so did low-priced shares on the other counters amid active trading. Shell Pakistan, ahead of the its working results, PSO, OGDC, Hub-Power, D.G.Khan Cement and Bank of Punjab were leading among the gainers.

Plus signs again dominated the list under the lead of Arif Habib Securities, Javed Omer, Packages, Pakistan Cables, Grays of Cambridge, up by Rs7 to Rs11 but largest rise was noted in IGI Insurance, which rose by Rs18.35.

Other good gainers included Askari Bank, Pakistan Refinery, Shell Gas, International Industries, Pakistan Engineering Tri-Pack Films and Thal, up by Rs3 to Rs5.

Losses on the other hand were fractional barring Shell Pakistan, which fell by Rs12 as interim earnings were on the lower side of the market expectations. Others losers included Din Textiles, Liberty Mills, Atlas Honda Millat Tractors and Aventis, off Rs2.40 to Rs5.55.

Trading volume rose further to 274m shares from the previous 226m shares as gainers maintained a fair lead over the losers at 199 to 123, with 56 shares holding on to the last levels.

The most active list was again topped by Fauji Fertilizer Bin Qasim, up by 25 paisa at Rs22.45 on 58m shares followed by OGDC, higher by 55 paisa at Rs67.05 on 36m shares, Askari Bank, sharply higher by Rs3.50 at Rs80.75 on 21m shares, Hub-Power, firm by 30 paisa at Rs31.85 on 16m shares, D.G.Khan Cement, steady 15 paisa at Rs57.30 on 12m shares, National Bank, up by 55 paisa at Rs73.45 on 11m shares and PTCL, higher by 35 paisa at Rs42.70 on 10m shares. Other actives were led by Chakwal Cement, up by 20 paisa on 10m shares, MCB, easy 10 paisa also on 10m shares and Fauji Cement, steady by 10 paisa on 7m shares.

FORWARD COUNTER: Pakistan Petroleum remained in active demand and rose by another 75 paisa at Rs109.60 on 16m shares followed by OGDC, up by 60 paisa at Rs67.15 on 7m shares, F.F.Bin Qasim, firm 30 paisa at Rs22.50 on 5m shares, Hub-Power, higher by 35 paisa at Rs31.90 on 4m shares and PTCL, up by 40 paisa at Rs42.75 also on 4m shares.