KARACHI, Dec 15: The KSE 100-share index on Wednesday breached through the psychological barrier of 5,800 points on fresh heavy buying in the leading index shares triggered by perceptions of some fresh trade deals with China during Prime Minister Shaukat Aziz's current visit.

But some others said it was massive buying in PTCL followed by reports that India has shown interest in optic fibre link with Pakistan, which took the entire market along with it to a new high, both in terms of index level and the price flare-up.

It finished with a fresh rise of 57.63 at 5,824.25 as compared to 5,766.62 a day earlier as all the leading base shares tended further higher under the lead of PTCL. The market capital also soared by Rs16.216bn to Rs1,612.219bn.

"It was a decisive breakthrough beyond the crucial level of 5,800, which could eventually lead to widely speculated 6,000-point level in that very distant future," analysts said but asked "what next".

Essentially, it appears to be a PTCL-led rally followed by reports that India has shown interest in optic fibre link with Pakistan. Added to it was an attractive bait of its sell-off during the next couple of months.

"Market friendly news is pouring in quick succession after the president's US visit," some others said, adding that speculative forces seem to be in no mood to keep off the market in developing corporate scenario.

They said too much importance is being attached to prime minister's visit to China. The talk of several new deals with Chinese leading parties leading to joint ventures in various industrial fields seems to be one of the major morale boosters for the current run-up.

"No one is inclined to listen to the market's technical demands in a rising market as everyone wants to ride the bandwagon, analysts said. "Terribly high risks from the carryover market are there but they are being ignored." The phobia of index level of 6,000 points gripped the market and until it is achieved, there may not be any let-up in the current speculative buying spree, they said.

Plus signs dominated the list, major gainers being Bhanero Textiles and Siemens Pakistan, up Rs14.20 and Rs39, respectively, followed by National Refinery, AKD Securities, Javed Omer, Lakson Tobacco, and Island Textiles, up Rs7.70 to Rs14.10.

Losers were led by Quetta Textiles, Al-Abbas Sugar, Mitchell's Fruits, Wyeth Pakistan, Berger Paints, International Industries and Nestle MilkPak, off Rs3.05 to Rs14.95.

Trading volume rose to 517.022m shares from the previous 389m shares as gainers maintained a strong lead over losers at 244 to 174 with 52 shares holding on to the last levels.

PTCL topped the list of most actives, up 95 paisa at Rs42 on 103m shares, followed by Fauji Fertilizer Bin Qasim, sharply higher by Rs1.95 at 28.30 on 91m shares, PPL, up Rs3.45 at Rs124.75 on 29m shares, National Bank, higher by 90 paisa at Rs76.05 also on 29m shares and PICIC Growth Fund, firm by 90 paisa at Rs52.90 26m shares.

Other actives included Bosicor Pakistan, up Rs1.40 on 28m shares, OGDCL, firm by 40 paisa on 23m shares, Hub-Power, easy five paisa on 19m shares, DG Khan Cement, unchanged on 17m shares, PICIC, higher by Rs5.55 on 14m shares and Askari Bank, higher by 55 paisa on 13m shares.

FORWARD COUNTER: Fauji Fertilizer Bin Qasim again topped the list of most actives, higher by Rs1.95 at Rs28.35 on 32m shares followed by PTCL, up 75 paisa at Rs42 on 13m shares, OGDCL, up 25 paisa at Rs66.65 on 9m shares and DG Khan Cement, easy five paisa at Rs53.55 on 4m shares. Others were modestly traded.