KARACHI, Jan 27: Fresh heavy buying in PTCL on Thursday again featured the trading on the stock market where some other pivotals remained under pressure under the lead of energy shares and ended with a sharp fall.

Analysts said some foreign investors were building up long positions in PTCL before the last date of expression of interest (EOI on Jan 28, 2005. Reports of higher earnings were another aiding factor. The KSE 100-share index posted a fresh gain of 48.26 points at 6,952.82.

PTCL finished with a fresh sharp rise of Rs4.60 at Rs66 on 233m shares. On Tuesday, it was up by Rs2.65 on 226m shares, the total being about 500 million shares in two sessions. The opening was, however, slow as financial institutions and general investors opted for an overview of their inventories before making fresh commitments.

The stand off above the 6,900 index level continues, as it encounters a stiff resistance from bears whenever bulls try to push it to its next chart point of 7,000. However, it could be delayed but the target of 7,000 is sure to be hit, analysts said.

The sentiment in part was also influenced adversely followed by selling by some of the leading punters ahead of the IPO of Attock Petroleum whose share opens for public subscription from Jan 28 to 29.

It offers 10 million shares at Rs57.75 per share, including a premium of Rs47.75 (face value Rs10), to general investors. Indications are that it may be heavily oversubscribed at least by eight to 10 per cent in a market emitting bullish sparks for the last couple of weeks.

"Investors are lining up funds to have its as many shares as they could after unloading positions on some of the overvalued counters," analysts said, adding that "the market may not face liquidity crunch but investors will remain busy with its IPO." Its rate in kerb is being quoted well above Rs100.

Major shareholders of the company are Phoron Commercial Investment Group, Attock Refinery and Pakistan Oilfields, all leading listed companies having good dividend records.

The trading on Friday may be dominated by the IPO of Attock Petroleum, and in the process there could be fresh selling by some of the leading investors in an apparent effort to have it at the offered price, brokers said.

Leading textile shares maintained their upward drive and so did some others. But energy shares remained under pressure under the lead of PSO and Shell Pakistan, off Rs4 and Rs11, respectively.

Leading gainers were led by Noon Sugar, Sapphire Fibre, Artistic Denim, Fateh Textiles, Fasil Spinning, Indus Dyeing, Pakistan Cables, Ferozsons Lab, which posted gains ranging from Rs6 to Rs10.

But the largest gain of Rs21.25 was recorded in International Industries in response to its interim bonus shares at the rate of 110 per cent. Losers were led by Nishat Mills, Arif Habib Securities, Al-Ghazi Tractors, Millat Tractors, Clariant Pakistan, ICI Pakistan, off Rs4.10 to Rs6.05. AKD Securities posted a fresh fall of Rs37.

The trading volume further fell to 538m shares from the previous 645m shares as losers forced a strong lead over gainers at 216 to 152, with 38 shares holding on to the last levels.

Apart from PTCL, OGDCL was another actively traded shares, up 40 paisa at Rs82.15 on 57m shares, Hub-Power lower 15 paisa at Rs33.25 on 38m shares, Nishat Mills, sharply lower by Rs5.50 at Rs105.10 on 37m shares and Lucky Cement, higher by 35 paisa at Rs42.10 on 23m shares.

Other actives were led by DG Khan Cement, unchanged on 21m shares, Sui Southern Gas, also unchanged on 18m shares, PSO, off Rs4 on 14m shares, Fauji Fertilizer Bin Qasim, off Rs1.05 on 13m shares and National Bank, lower Rs1.05 on 9m shares.

FORWARD COUNTER: PTCL again came in for strong speculative support and rose by Rs4.59 at Rs65.89 on 50m shares followed by Nishat Mills, off Rs4.78 at Rs106.10 on 12m shares, PPL, lower by Rs1.25 at Rs136.75 on 7m shares and OGDCL, up 25 paisa at Rs83.35 on 7m shares.