KARACHI, Oct 1: Stocks finished the weekend session on a steady note as Sailkot bomb blast in a mosque did not deter investors, as after a brief interruption they resumed their covering operations in most of the pivotals , keeping the market in good shape.

The KSE 100-share index managed to post a fresh rise of 28.17 points at 5,245.82 as compared to 5,217.65 a day earlier, reflecting the strength of the leading base shares.

In market parlance, the weekend rally always paves the way for extension of the run-up and there are reasons to believe that the current recovery process will continue next week also.

There was, however, panic and confusion when the news of bomb blast in a Sailkot mosque during the Friday sermon reached the market during the afternoon session which led to heavy unloading by weak holders and some leading investors. Heavy casualty figure, however, did not deter institutional traders who made active covering purchases at the dips and pushed the market higher.

Active buying in the leading index shares, notably PTCL, Pakistan Petroleum and OGDC and for good reasons too pushed the index higher as they together have a weight age of 50 per cent in it.

Analysts said the current strong rally initiated by higher corporate announcements, notably by the PTCL continued to inspire fresh anticipatory buying on those counters where board meetings are due during the next week.

The indications are that the current dividend-driven rally is expected to be carried over during the next couple of sessions until the KSE 100-share index regains its pre-reaction levels, they said.

This perception was reinforced by the objective conditions prevailing on the textile counter, one of the largest sector of listed companies, they said adding "steep decline in lint prices has made them more competitive on the world markets, meaning more foreign exchange and higher earnings."

Lint prices have during the last couple of sessions dropped below the official support rate of Rs2,159 per maund to Rs1,750 per maund on reports of a bumper cotton crop of about 12m bales and panic selling by the growers of their seed cotton (phutti)stocks around Rs750 per 40 kg.

"The prime minister is now firmly settled in the top slot and is taking steps according to his national priorities," one broker said. "He is expected to initiate fresh morale booster steps to keep the capital market robust in due course."

The recent decline of the index below the crucial level of 5,000 did worry him but at that time he was tackling some national issues though he warned the bourses chiefs not to make the CVT an issue, he added.

Leading gainers were led by AKD Securities after the announcement of 50 per bonus and 500 per cent right shares, Atlas Honda and Treet Corporations, up by Rs9 to Rs15.90 followed by Kohat Cement, after the announcement of 50 per cent bonus shares, Shell Pakistan, Pakistan Oilfields, Exide Battery, Murree Brewery, Pakistan Hotels and Clariant Pakistan, which posted gains ranging from from Rs4.50 to Rs6.50.

Losers were led by Lakson Tobacco, off Rs10.50 followed by Arif Habib Securities, Suzuki Motors, Berger Paints, Sitara Chemicals, Pakiatan Engineering and National Foods, lower by Rs3 to Rs6.40.

Trading volume was maintained on the higher side despite weekend consideration totalling 3161m shares as compared to 370m shares a day earlier. Losers, however, managed to forced a modest edge over the ginners at 162 to 138, with 38 shares holding on to the last levels.

OGDC, topped the list of actives, up Rs1.55 at Rs64.60 on 99m shares followed by PTCL, unchanged at Rs43.70 on 31m shares, DG Khan Cement, off 55 paisa at Rs57.40 on 20m shares, Askari Bank, up Rs1.20 at Rs83 on 19m shares and National Bank, unchanged at Rs69.20 on 17m shares.

Other actives were led by PPL, lower 20 paisa on 15m shares, Fauji cement, steady 10 paisa also on 15m shares, MCB, up 25 paisa on 14m shares, Chakwal Cement, steady five paisa on 11m shares and Lucky Cement, lower 25 paisa on 10m shares.

FORWARD COUNTER: Pakistan Petroleum came in for alternate bouts of buying and selling and ended lower by five paisa at Rs121.20 on 28m shares followed by OGDC, up Rs1.50 at Rs64.75 on 13m shares, Bank of Punjab, higher by Rs2.40 at Rs58.90 on 10m shares, PTCL, firm by 10 paisa at Rs43.80 on 8m shares and Pakistan Oilfields, sharply higher by Rs5.30 at Rs195.60 on 4m shares. Other leading shares also rose.