04 March 2005	Friday	22 Muharram 1426

KARACHI, March 3: The KSE 100-share index on Thursday set a new record of single session gain of 290.59 points or 3.54 per cent after it broke through two barriers in a row on massive short-covering in PTCL , OGDCL, PSO and Pakistan Oilfields at the overnight lows.

After at one stage having crossed the third consecutive barrier of 8,500 at 8,510, it finally ended at 8,496.73, as compared to the previous 8,206, up 290.59 points, reflecting the strength of leading base shares.

The market capital also followed the suit and soared by Rs80.023bn at Rs2,355.928bn, as compared to 2,275.905bn, showing a price flare-up in leading energy shares.

The previous single-session largest gain was 225.89 points touched on Jan 11 this year on heavy new year buying in most of the leading shares having potential to come out with higher payouts, dealers said.

Higher final cash dividend of 200 per cent plus 10 per cent bonus shares on a five-rupee share (100 per cent interim already paid) by Al-Ghazi Tractors, a leading Dubai-based company, and 13 per cent interim by Hub-Power Company were another supporting factor fuelling the bull-run.

There was no trace of the overnight panic sell-off as bulls entered the market with a bang and ordered massive buying in the leading energy shares, driving bears out of the market most of whom watched helplessly the market's meteoric recovery from the sidelines.

"I don't think bears could have a say in setting market trend at least for the near-term," says an analyst. "There appears to be a remote possibility of any fresh big shakeout before the index touched the next target of 9,500, which is now not an elusive goal."

Bulls seem to be out to hit the mark irrespective of end-results and the next week's trading could be crucial in more than one counts as the total rout of bears has changed the entire future outlook, he said.

Friday being the last session of the week could cause stray price upsets here and there, but the inherent strength of the market will remain intact, with upward biased well-pronounced.

Energy shares led the market recovery under the lead of OGDCL, PSO, Pakistan Oilfields, National Refinery and PPL, which posted gains ranging from Rs8.90 to Rs22.75.

Other prominent gainers included Bank of Punjab, Javed Omer, Muslim Insurance, Indus Dyeing, Mari Gas, Ferozsons Lab, ICI Pakistan, PNSC, Noon Pakistan, Zulfiqar Industries and Al-Ghazi Tractors on post-dividend buying, up Rs4.30 to Rs9.25.

Losers were led by AKD Securities, off Rs23.50 followed by Nishat Chunian, Sapphire Fibre, Island Textiles, Pakistan Refinery, Berger Paints, Security Papers and Atlas Honda, which suffered fall ranging from Rs4 to Rs9.90.

Trading volume did not match the intensity of buying euphoria as investors held on to the positions rather than selling amid predictions that the market could rise further. It fell to 601m shares from the previous 679m shares as gainers held a modest lead over losers at 175 to 161, with 49 shares holding on to the last levels.

PTCL topped the list of most actives, up Rs2.85 at Rs71.25 on 166m shares, OGDCL, higher by Rs9.10 at Rs127.65 on 115m shares, PSO, sharply higher by Rs12.55 on 40m shares, National Bank, up Rs3.50 at Rs141.50 on 35m shares and Pakistan Oilfields, higher by Rs22.75 at Rs339.75 on 28m shares.

Other actives were led by PIAC, up one rupee on 27m shares, DG Khan Cement, firm by Rs1.45 on 23m shares, Bank of Punjab, higher by Rs4.40 on 19m shares, Hub-Power, off 95 paisa on 18m shares and Fauji Cement, up Rs1.45 on 17m shares.

FORWARD COUNTER: PPL came in for a massive short-covering at the lower levels and rose by Rs18.95 on 142m shares followed by PTCL, higher by Rs2.55 at Rs72.70 on 63m shares, and OGDCL, higher by Rs11.50 at Rs132.45 on 61m shares.

Others also rose where changed under the lead of PSO, which surged by Rs10.35 at Rs430.35 on 13m shares followed by Pakistan Oilfields, sharply higher by Rs16.50 on 13m shares.

DEFAULTER COS: Dandot Cement came in for active follow-up support and rose by 40 paisa at Rs11.50 on 0.281m shares followed by Crescent-Standard Bank, higher by 95 paisa at Rs14.95 on 0.139m shares.