KARACHI, Nov 10: Stocks on Wednesday finished with an extended gain as institutional traders and punters were not inclined to take even a technical breath despite a closure ahead and covered positions at the current levels on selected counters.

The market's uppish leaning was reflected in a fresh sharp rise in the KSE 100-share index that breached through the psychological barrier of 5,400 amid an active short-covering in the leading base shares, but the broader market was terribly hesitant owing to fears associated with the upcoming holidays.

It was finally quoted higher by 48.60 points at 5,427.45 as compared to Monday's closing of 5,378.85, reflecting the strength of leading base shares, notably PTCL, OGDCL and some others.

Bulk of the support originated from financial institutions and some leading punters at the lower rates and there might be some good reasons to cover positions despite a long weekend ahead, analysts said.

"In market parlance, it is considered a phenomenon if the market emits bullish spark ahead of a long weekend," they said, adding: "But we don't think the buying is inspired and appears to be genuine."

The market has been in an oversold position owing to last week's persistent selling and needed correction that came in the form of strong selective short-covering on the blue chip counters, some others said.

The steep rise in the index reflects that investors now have a fair idea of the post-Eid holiday market outlook.

The market, therefore, passed through an actively traded session despite predictions of a dull session ahead of Eid holidays as investors were out to cover their short positions at the current levels.

The market will remain closed on Thursday (November 11) on account of Lailatul Qadr and Friday being the last trading session before Eid holidays, investors generally played safe and just adjusted their portfolios without redefining their future buying strategy.

The underlying sentiment, however, remained uppishly inclined as most of the leading index shares and blue chips rose across the board, though modestly and amid light trading.

Cement, energy, banking and fertilizer shares remained active in demand and generally finished with extended gains amid active trading.

Leading gainers were led by Abbott Lab, Colgate Pakistan, Aventis, Artistic Denim, Shezan International, Arif Habib Securities and Lakson Tobacco, up by Rs5 to Rs12. They were followed by Dewan Lawrence, Shahtaj Sugar, Crescent Steel, Dawood Hercules, and Noon Pakistan, higher by Rs4 to Rs4.95.

Losers included Thal, Millat Tractors, Atlas Honda, National Refinery, HinoPak Motors, Treet Corporation and Parke-Davis, off Rs3.30 to Rs24, while Clover Pakistan, Grays of Cambridge, Dewan Motors and Rafhan Bestfoods suffered fall ranging from Rs3 to Rs14.65. Trading volume further rose to 189m shares from the previous 132m shares as gainers held a strong lead over losers at 183 to 102, with 45 shares holding on to the last levels.

PTCL topped the list of most actives, up one rupee at Rs38.80 on 34m shares, followed by Fauji Fertilizer Bin Qasim, higher by 40 paisa at Rs21.80 on 18m shares, Lucky Cement, firm by 85 paisa at Rs37.40 on 13m shares, Pak PTA, steady five paisa at Rs11.95 also on 13m shares and OGDCL, up five paisa at Rs66.30 on 12m shares.

Other actives were led by D.G. Khan Cement, firm by 10 paisa on 10m shares, National Bank, up 55 paisa on 9m shares, PIAC, higher by Rs1.50 also on 9m shares, Sui Northern Gas, off 45 paisa on 6m shares and Bank of Punjab, easy five paisa on 5m shares.

FORWARD COUNTER: PTCL also topped the list of actives on this counter, up Rs1.20 at Rs39 on 12m shares followed by PPL, easy five paisa at Rs119.25 on 6m shares, Fauji Fertilizer Bin Qasim, up 35 paisa at Rs21.90 on 4m shares, and D.G. Khan Cement, steady by five paisa at Rs51.05 on 2m shares.