KARACHI, Sept 29: Massive buying in PTCL inspired by higher dividend featured the Wednesday's stock market where most of the leading shares raced towards their pre-reaction levels under the lead of Pakistan Petroleum.

The rally was terribly broad-based and engulfed the entire list after the report of PTCL payout reached the market followed by a buying euphoria reminiscent of bull-run.

Above analysts' predictions cash dividend of 50 per cent by the telecom giant, Pakistan Telecommunication Company Limited boosted stock trading as it took the entire market along with it to new highs amid a briskly traded session after about four months of CVT-dominated lull.

"It was virtually the PTCL day as its payout defied all analysts' predictions," one broker said. "No one among the well-informed ones looked beyond 45 per cent on the higher side."

Its share value surged by Rs1.85, the total rise during the last couple of sessions being Rs5.70. The EPS on the current dividend ratio works out to be Rs5.72, which is considered to be an attractive bait for any prospective investors to be in its fold in future. It accounted for 42 per cent of the days' total turnover.

The KSE 100-share index posted a fresh sharp rise of 68.15 points and stood firmly close to its barrier of 5,200 at 5,196.28 points as compared to 5,128.13 a day earlier. Market capital rose by Rs24.480bn to Rs1,482.096bn.

Heavy increase in the trading volume to well over 400 million shares after a relative sluggishness caused by the Capital Value Tax for the last couple of months reflects that the PTCL sales and those of the up-comings, including Sui Southern Gas and some others, could keep the market in a good shape in the coming months, analysts said.

The steep rise in the index was attributed to the heavy trio, including OGDCL and Pakistan Petroleum, which also shared the day's honours along with PTCL and so did other energy shares followed by reports of a record increase in oil prices on the world markets.

Pakistan Petroleum was outstanding among them, which surpassed its previous peak level of Rs118.50 and finished at the day's best bid of Rs122.50, indicating it is heading to hit new highs. The net rise over the day was of the order of Rs4.95.

Colgate Pakistan, which has been under pressure for the last couple of sessions, recovered from the recent lows and finished up by Rs14 followed by Rafhan Maize, higher by Rs20 at Rs219 and Rs585, respectively.

Other good gainers were led by National Refinery, Haroon Oils, Murree Brewery, Pakistan Hotels, Clariant Pakistan, Noon Sugar and Atlas Honda, up by Rs4.50 to Rs12.65.

Berger Paints and Treet Corporation were among the leading losers, off Rs6.55 and Rs8, respectively. EFU Life, Al-Ghazi Tractors, HinoPak Motors, Ferozsons Lab, Aventis, Clover Pakistan and Pakistan Services were among the other prominent losers, off Rs4 to Rs6.

Trading volume soared to 378m shares from 253m shares a day earlier owing to a massive activity in PTCL as gainers forced a strong lead over the losers at 203 to 119, with 42 shares holding on to the last levels.

PTCL topped the list of most actives, up Rs1.85 at Rs43.70 on 160m shares, more than a half of the total, followed by OGDCL, up 90 paisa at Rs62.70 on 35m shares, D.G. Khan Cement, higher by 90 paisa at Rs57.35 on 27m shares, Pakistan Petroleum, sharply higher by Rs4.95 at Rs122.50 on 20m shares, National Bank, higher by Rs1.20 at Rs68.95 also on 20m shares and Lucky Cement, up Rs1.10 at Rs36.60 on 14m shares.

Other actives were led by Fauji Cement, higher by 20 paisa on 10m shares, Askari Bank, up Rs1.70 on 9m shares, Pioneer Cement, firm by 80 paisa also on 9m shares and Fauji Fertilizer Bin Qasim, steady five paisa on 7m shares.

FORWARD COUNTER: Pakistan Petroleum led the list of actives, sharply higher by Rs4.55 on 38m shares followed by PTCL, up Rs2.05 at Rs43.90 on 35m shares, OGDCL, up 90 paisa at Rs62.80 on 6m shares.