KARACHI, Sept 21: The KSE 100-share index on Wednesday maintained upward drive and broke the second barrier of 8,100 in a row aided by fresh active buying in the leading index and those shares whose dividend announcements are due.

The breach of the third consecutive barrier of 8,200 now appears to be not that off and could be hit even tomorrow based on the current wave of anticipatory short-covering ahead of corporate news.

It finally finished around the day’s peak level of 8,187.10, only 13 points below its next target and may fall back after touching it on technical selling, brokers said.

Both the OGDC and the PTCL have about 35 per cent weightage in the index, and buying, either genuine or speculative, in them always pushes it well above the performance of the broader market, they added.

Gold and stocks are rising in unison for the last couple of weeks as huge amount of liquid cash from the real estate is being pumped in them after the income tax department has taxed the property dealers. Gold yesterday rose to Rs9,022 per ten grams, showing a price flare-up of Rs1,000 per 10 gram over the last couple of weeks.

“I think the previous peak of 10,000 index level is now not that elusive,” predicts a leading analyst. “The breach of the crucial level of 8,000 could pave the way for its sustained upward drive backed by higher dividend news.”

This optimism was also shared by some institutional traders who were in the market in a big way though on selected counters but are evoking active sympathetic buying on the second-liners.

OGDC, PTCL and National Bank were chief motivating force behind the latest surge and it appears to be a pretty genuine move backed by higher corporate earnings and beyond analyst predictions dividend and bonus shares.

While PTCL rose further by Rs1.35 on reported foreign buying, National Bank never looked back after Rs98 and its steadily rising to its pre-dividend high of Rs160. It rose by Rs4.30 at Rs138 on 40m shares.

Meanwhile, the management of Dawood Hercules, a urea fertiliser giant, has announced that it plans to buy another 62m shares of Sui Northern Gas Company during the next year as it has already holds its 58 million. Its total stake in it would rise to 24.1 per cent or ‘120m shares if it manages to buy another 62 million shares. Share value of the Dawood Hercules soared to Rs205 (face value Rs10)while that of Sui Northern Gas fell to Rs64.60 after the announcement.

Plus signs, therefore, again dominated the list under the lead of Rafhan Maize Products, and Wyeth Pakistan, up Rs32.50 and Rs40, followed by Packages, Abbott Lab, Pakistan Petroleum, Attock Refinery, PSO, Shell Pakistan, Millat Tractors, Pakistan Oilfields, Pakistan Refinery and Rafhan Best Food, which posted gains ranging from Rs7.05 to Rs17.50.

EFU Life Assurance, Unilever Pakistan, Haroon Oils, Berger Paints and Clover Pakistan fell by Rs3.50 to Rs19.

Traded volume soared to 405m shares from the previous 305m shares bulk of which was shared by a dozen actives.

OGDC, which came out with a cash dividend of 75 per cent, led the list, up Rs1.45 at Rs113.70 on 52m shares followed by PTCL, higher by Rs1.35 at Rs66.10 on 41m shares, National Bank, sharply higher by Rs4.30 at Rs138 on 40m shares, Bank of Punjab, firm by Rs2.05 at Rs110.45 on 35m shares, DG Khan Cement, lower 30 paisa at Rs72.70 on 31m shares, Pakistan Petroleum, higher by Rs9.15 at Rs192.15 on 29m shares and MCB, higher by Rs1.75 at Rs124.05 on 16m shares. Other actives were led by Pakistan Oilfields, higher by Rs6.05 on 15m shares, Sui Northern Gas, lower by 55 paisa on 14m shares and Nishat Mills, up Rs2.50 also on 14m shares.

FORWARD COUNTER: Pakistan Petroleum came in for strong support and led the list of actives, up Rs9.15 at Rs193.05 on 24m shares, followed by OGDC, up Rs1.25 at Rs114.05 on 17m shares and PTCL, higher by 85 paisa at Rs66.05 on 11m shares.