KARACHI, May 13: The KSE 100-share index on Friday recouped a major portion of the overnight loss as all the pivotals including PTCL and leading oil shares came in for strong covering purchases and finished fully recovered amid light trading. The close was slightly below the day’s best bid of 7,438.00 at 7,411.00, up by 127.28 points and added Rs30.204bn to the market capital at Rs2,072.743bn and analysts predict the opening next week would be fairly promising in the backdrop of fixation of final bidding date for the sale of PTCL controlling shares to a strategic buyer on June 10. The market, therefore, rose from the overnight lows as PTCL driven rally was promptly picked up by the energy sector allowing it to end the weekend session on a firm note.

An official announcement about the final bidding date for the sell-off of 26 per cent controlling shares of PTCL to one of the eight short-listed local and foreign bidders on June 10, allayed fears of delay as widely rumoured a day earlier.

An interim cash dividend of 30 per cent by BOC Pakistan seemed to have fallen below market expectations as was reflected by a sharp post-announcement fall of Rs7.75 in its share value at Rs158.75.

Investors reacted positively to the news that the OGDC is scheduled to be included in the MSCI, which could generate foreign interest in it in the coming weeks. Currently, local stocks weigh less than 0.5 per cent in MSCI.

Oil shares, notably PSO, PPL, Pakistan Oilfields and OGDC came in for active short-covering at the overnight lower levels and generated a lot of sympathetic buying on the other counters amid brisk trading.

PICIC Growth Fund, D.G.Khan Cement, Sui Northern Gas, leading fertilizer and auto shares were also actively traded on the higher side on hectic short-covering. Analysts said immediately after the next year’s national budget in the first week of next month, the bidding for the PTCL could give the needed push to the market if all goes well on the front of fiscal measures.

But some others said continued fall in world oil prices could have negative fallout on the oil sector.

Leading gainers were led by EFU Life, PPL, Nestle MilkPak, Dawood Hercules, Mari Gas and Unilever Pakistan, which posted gains ranging from Rs4.65 to Rs29 followed by Gadoon Textiles, Nishat Mills, OGDC, and Ferozsons Lab, up by Rs3.25 to Rs3.85.

Losses on the other hand were fractional Barring Packages, Century Papers, Berger Paints, Shell Pakistan, National Refinery, Abbott Lab, Arif Habib Securities, Aventis, and Javed Omer, off Rs3.4 to Rs11.

Trading volume fell to 255m shares from the previous 515m shares owing partly to some technical problems and weekend considerations. Losers maintained a modest edge over the gainers at 131 to 105, with 36 holding on to the last levels.

PTCL again topped the list of most actives, up by Rs2.70 at Rs70.90 on 86m shares followed by OGDC, higher by Rs3.35 at Rs101.30 on 64m shares, PSO, sharply higher by Rs7.10 at Rs381 on 13m shares and Pakistan Petroleum, higher by Rs4.65 at Rs185.75 on 13m shares.

Other actives were led by PICIC Growth Fund, firm by 75 paisa on 12m shares, Sui Northern Gas, steady by Rs2.15 on 7m shares, National Bank, firm by 65 paisa on 6m shares, Pakistan Oilfields, up by Rs2.10 on 5m shares and MCB, higher by Rs1.05 on 4m shares.

FORWARD COUNTER: PPL came in for strong short-covering at the overnight lower level and rose by Rs4.60 at Rs187 on 10m shares followed by PTCL, up by Rs2.40 at Rs71.20 on 7m shares, OGDC, higher by Rs2.70 at Rs101.45 on 6m shares.