10 March 2005	Thursday	28 Muharram 1426

KARACHI, March 9: The KSE 100-share index on Wednesday maintained its winning streak and ended with a fresh sharp rise of 370 points aided by renewed massive buying in leading base shares, notably OGDCL, PTCL and PSO , which have a combined weight age of 48 per cent in it.

Bullish run-up was more pronounced on the forward counter where OGDCL, PPL and PSO were also briskly traded, up Rs11.45, 20.25 and Rs28.05 in that order, while others rose modestly as the speculative buying did not take a technical breather for no apparent positive developments on the corporate front.

It finally ended at around 9,588.47 points as compared to 9,218.68 points a day earlier, up 369.79 points or 4.01 per cent, and analysts predict a long overdue correction could manifest itself in a big way after the 10,000 index level is touched.

The market capital also soared by Rs103.395bn at Rs2,629.341bn, as compared to the previous Rs2,525.981bn, the largest ever increase in a day. It was the largest single-session gain, battering its overnight's record of 355.20 as it is virtually galloping to the index level of 10,000 points.

All eyes again remained focused around the trio (PTCL, OGDCL and PSO) whose combined share values during the last one year appreciated by Rs245, in which the share of the trio being 64, 26 and nine per cent, respectively.

"An increase in the index of well over 3,000 points is chiefly contributed by the trio, the share of remaining 97 index shares in the current run-up being terribly small," analysts said.

"The market may not collapse as correction in the three leading base shares, it has certainly been playing on a weak wicket sans the participation of the broader market," they said.

How it behaves after hitting its next target of 10,000 would guide its future direction, but one thing appears certain there is a lot of manoeuvring space at the current inflated levels, others say.

They said the market could shed about 500 to 600 points in the consolidation process, but ruled out the possibility of a major plunge at least for the near-term. Leading gainers were led by the oil sector under the lead of Attock Refinery, OGDCL, PSO, Pakistan Oilfields and PPL, which posted fresh gains ranging from Rs11.10 to Rs19.85.

Other prominent gainers included National Bank, International Industries, Abbot Lab, Rafhan Maize, United Sugar, Sapphire Fibre, Lakson Tobacco and Artistic Denim, up by Rs6 to Rs20.25.

Major losers included Packages, Zulfiquar Industries, Clariant Pakistan, Treet Corporation, Ferozsons Lab, Aventis, Grays of Cambridge and ADK Securities, off Rs7 to Rs18.80.

Trading volume showed a fresh modest increase at 933m shares as compared to 919m shares, but losers held modest edge over gainers at 189 to 158, with 46 shares holding on to the last levels.

PTCL again topped the list of most actives, up Rs5.65 at Rs89.95 on 291m shares followed by OGDCL, higher by Rs2.10 at Rs150.50 on 183m shares, National Bank, higher by Rs8.45 at Rs157.20 on 81m shares, Pakistan Oilfields, up Rs15.05 at Rs353.95 on 48m shares and Bank of Punjab, higher by Rs3.15 at Rs109.15 on 44m shares.

Other actives were led by PSO, which posted a fresh sharp rise of Rs17.10 on 42m shares, Sui Northern Gas, steady by 10 paisa on 31m shares, Fauji Fertilizer Bin Qasim, up 75 paisa on 26m shares, DG Khan Cement, easy five paisa on 24m shares and Nishat Mills, higher by Rs4.50 on 18m shares.

FORWARD COUNTER: OGDCL and PTCL were again massively traded in line with their counterparts in the ready section, higher by Rs11.45 and Rs5.40 at Rs164.45 and Rs90.15 on 116m and 103m shares, respectively, followed by PPL, sharply higher by Rs20.25 at Rs290.45 on 73m shares, and PSO, higher by Rs28.05 at Rs505.50 on 32m shares.

DEFAULTER COS: Trading on this counter remained slow as investors remained business in the ready section throughout the session. Dandot Cement was an exception, which came in for stray selling and fell by five paisa at Rs11.15 on 0.296m shares. Others were lightly traded.

DIVIDEND: Nestle MilkPak, final cash at the rate of 50 per cent; and Colony Textiles, right shares of 150 per cent at par.

BOARD MEETINGS: Bank Alfalah on March 12, Kohinoor Energy and Silver Star Insurance on March 14 and Parke-Davis on March 15.