KARACHI, May 17: Stocks on Tuesday resumed trading on a bullish note as PTCL-driven rally engulfed the entire market after conflicting rumours about the change in its bidding date were discounted.

“It could well be the beginning of sustained upward run-up along with the oil giants. PTCL is expected to inspire fresh covering purchases at the current levels.”

An idea of massive covering purchases in it may have from the fact that it accounted for 236m share more than a half of the total volume and at the day’s peak level indicating the price flare-up will continue in the subsequent sessions also. It ended the session with a fresh net rise of Rs3.60 at Rs76.05.

The KSE 100-share index recovered the overnight loss and was quoted higher by 122.45 points or 2 per cent at 7,437.95 as compared to 7,315.50 a day earlier as the entire leading base shares finished recovered.

The rumours on Monday was coined by some vested interests to push its price down and cover positions at the dips and they managed to get away with the booty but the late recovery pushed it substantially higher.

Leading oil shares, which also suffered heavy pruning overnight, also joined the race under the lead of PSO, OGDC, Pakistan Petroleum and some others pushing the market back into the plus column.

Floor brokers said the prevailing scramble of the PTCL floating stock reflects that all those having money wants to have it irrespective of the cost involved.

Early this year, it has risen to Rs90 plus after the news of disinvestment before June 30, came in the market but the later crash pushed it down below Rs60 along with other pivotals in the energy sector.

“I think PTCL is capable of keeping market in a good shape in the weeks following its bidding date,” says a leading analyst. “It is a good buy at any rate below Rs90 based on its rumoured reference price.”

The national budget early next month billed as incentive laden incidentally coincide with its bidding date and there is thinking there should be a reasonable gap between the two, he said.

But official sources said prospective bidders have already been short-listed with all other allied procedural matters, what now matters, is the bid price.

News from the political front is encouraging as the president has said that the present political set-up will continue till the next general elections in 2007.

Plus signs dominated the list under the lead of Abbott Lab, Atlas Honda, Javed Omer, United Sugar, Mai Gas, PSO, AKD Securities, Nestle MilkPak and Arif Habib Securities, which posted gains ranging from Rs5 to Rs17.05. There were many other good gainers also.

Losers were led by Wyeth Pakistan, off Rs44.90 followed by National Refinery, Pakistan Refinery, Unilever Pakistan and Artistic Denim, lower by Rs6.30 to 14.80. Others fall was fractional.

Trading volume rose to 397m shares from the previous

263m shares as gainers forced a comfortable lead over the losers at 150 to 134, with 40 shares holding on to the last levels.

Apart from PTCL, the most active list was topped by OGDC, up Rs2 at Rs101.45 on 50m shares followed by PSO, sharply higher by Rs9.45 at Rs383.35 on 21m shares, Pakistan Petroleum, higher by Rs2.95 at Rs180.90 on 16m shares, Sui Northern Gas, up Rs2.95 at Rs62.25 on 12m shares, National Bank, firm by 85 paisa at Rs97.10 on 9m shares and PICIC Growth Fund, up 20 paisa at Rs54.80 on 4m shares.

Other actives included DG Khan Cement, steady by five paisa on 6m shares, Pakistan Oilfields, up Rs2.10 on 4m shares and Hub-Power, steady 15 paisa also on 4m shares.

FORWARD COUNTER: PTCL also led the list of actives on this counter, up Rs3.55 at Rs76.20 on 23m shares followed by PPL, higher by Rs3.50 at Rs182.00 on 7m shares, OGDC, firm by Rs2.55 at Rs101.80 on 5m shares and PSO, higher by Rs8.60 at Rs383 on 4m shares.