KARACHI, Oct 8: After a couple of an abortive bids during the last couple of sessions, the KSE 100-share index managed to breach through the psychological barrier of 5,300 points and paved the way for the market's sustained upward drive to its next target. The KSE 100-share index posted a fresh gain of 47.18 points at 5,342.94.

The 6,000 index level may still be an elusive goal but the current wave of speculative buying on selected counters reflects its pre-reaction level of 5,620 may not that far off.

Stocks, therefore, maintained their uppish leaning and mostly finished with an extended gain despite weekend selling at the early highs during the afternoon session on some of the overvalued counters.

Strong rally at the weekend session is generally considered a prelude to its extension during the next week and allied price flare-up, predicts a leading broker. There was no trace of the overnight panic caused by the Multan bomb blast, killing over three dozen persons after the trading resumed as investors covered positions at the lower levels amid predictions of an imminent price flare-up.

After breaching through the barrier of 5,300 in the morning session, the KSE 100-share index finally finished with clipped gains of 47.51 points at 5,342.94 as compared to 5,295.76 a day earlier.

Analysts said strong presence of the institutional traders lured back some of the leading bargain-hunters, and speculators rode the bandwagon as no one among them was inclined to miss the rising market. Market capital also rose by Rs12.027bn to Rs1,517.837bn.

Trading volume soared to a record level of 427m shares, highest since the levy of Capital Value Tax (CVT) in the national budget in June last and reflects that huge funds from the property business have started to come back to the share market.

"In the carryover market, both the volume figure and the prevailing rates are claimed to be on the higher side," they said. "But no one is inclined to miss an attractive bait of higher payout pouring in each session with higher rates of bonus shares."

Fauji Fertilizer Bin Qasim assumed the role of a trend-setter as did Nishat Mills a day earlier on reports of higher interim earnings and rose sharply higher amid heavy turnover.

Apart from OGDC, bank shares, notably National Bank, Bank of Punjab, MCB and other pivotals, notably overvalued energy shares also remained in active demand amid conflicting views about positive and negative impact of recent record rise in world oil prices, brokers said.

"But the chief driving force behind the current surge appears to be the perception of early inflow of financial funds after the early week ban on speculative real estate business by the state bank and higher payouts," they said. Prominent gainers were led by Clariant Pakistan, Grays of Cambridge, AKD Securities, and IGI Insurance, which posted gains ranging from Rs12.50 to Rs17.50.

Other good gainers included Mehmood Textiles, Haroon Oils, Millat Tractors, Aventis, Glaxo-SKF and Colgate Pakistan, up by Rs4.50 to Rs6. Losers were led by Wyeth Pakistan, off Rs30 followed by Dewan Khalid Textiles, Artisic Denim, Pakistan Engineering, National Foods, Shezan International and Atlas Honda, off Rs3.25 to Rs7.95.

Trading volume was maintained on the higher side totalling 325m shares as compared to 356m shares a day earlier as the advancing shares held a comfortable lead over the losing ones at 220 to 129, with 45 shares holding on to the last levels.

Among the most actives, PTCL leading, up 75 paisa at Rs44.60 on 68m shares followed by Fauji Fertilizer Bin Qasim, higher Rs1.50 at Rs21.25 on 67m shares, OGDC, steady 15 paisa at Rs65.55 on 46m shares, Nishat Mills, up 70 paisa at Rs50.45 on 22m shares, National Bank, firm by 20 paisa at Rs70.60 on 18m shares.

Other actives were led by Fauji Cement, easy 20 paisa on 17m shares, MCB, higher by 25 paisa on 16m shares, DG Khan Cement, easy five paisa on 15m shares, Lucky Cement, higher by 40 paisa on 14m shares and PSO, up Rs3 also on 14m shares.

FORWARD COUNTER: Pakistan Petroleum led the list of actives, up Rs1.20 at Rs120.75 on 16m shares, PTCL, higher by 70 paisa at Rs44.55 on 14m shares, DG Khan Cement, firm by 45 paisa at Rs51.35 on 10m shares.