KARACHI, Dec 8: Stocks on Thursday shrugged off the overnight hesitancy as investors resumed covering operations at the lower level, pushing the market again into the plus territory despite a lot of pruning in the overvalued shares. The KSE index crossed the barrier of 9,400 points at 9,418.35.

The credit for putting the market back on the rails largely goes to credible performance of OGDC and PTCL and the broader market in an overbought market.

Opinions are, however, divided over its future direction but some analysts predict it could take breather after having hit its next target of 10,000 points.

The KSE 100-share index breached through the psychological barrier of 9,400 points after a couple of abortive attempts, signalling that the 10,000-point mark is now not that far off. The final finish was around 9,418.35 as compared to the previous 9,374.86, up 43.49 points and added Rs15 billion to the market capital at Rs2,704 billion.

Although most of the current favourites in banking and cement sectors came in for modest profit-selling at the highly inflated levels, the index owes its relative strength of the OGDC and PTCL, the two holding major weightage in it.

“I don’t think the market could face a major shakeout before witnessing the index level of 10,000 during the current year,” predicts a lead analyst. ”The corrective steps being taken by the bourses in regard to circuit-breaker of five per cent either-way after prices rise or fall beyond the ceiling rates are aiming at to keep the market stable.”

Investors welcomed the resumption of covering purchases in PTCL shares after a strong correction apparently on reports that things are moving in the right direction about the deal with Etisalat, brokers said.

Some of the rumours also suggest that Etisalat has already made payment in part after the Pakistan government has given more concessions demanded by it, they added.

Some of the analysts fear that current tussle between the bourses and the SECP could take away the current heat from the market if the court verdict goes in favour of the latter.

There was no trace of the overnight selling after the trading resumed as bulls were back in the market and covered positions at the previous lows in some of the leading base shares.

All the leading shares, including National Bank, DG Khan Cement and some others, showed modest fall on active selling at the inflated levels, but some of the leading shares on other counters showed good gains amid brisk trading.

Attock Petroleum and Wyeth Pakistan again came in for active support and rose by Rs14 and Rs67.20, respectively. Other prominent gainers included Jahangir Siddiqui Capital, Jahangir Siddiqui and Co, EFU Life, Artistic Denim, Lakson Tobacco, Shell Pakistan, Pak-Suzuki Motors, Treet Corporation, Nestle Pakistan, Gillette Pakistan, Shezan International, which posted gains ranging from Rs4 to Rs10.20.

Notable losers were led by Dawood Hercules and International Industries, which fell by Rs7.45 and Rs9.05, respectively, followed by Adamjee Insurance, Pak Datacome, Ferozsons Lab, Siemens Pakistan, and Pakistan Services, off Rs3 to Rs4.55.

Turnover showed a modest rise at 480m shares from the previous 461m shares as advancing shares forced a strong lead over the losing ones at 242 to 150, with 36 shares holding on to the last levels.

Fauji Cement topped the list of most actives, up 95 paisa at Rs27.40 on 79m shares, followed by DG Khan Cement, easy 20 paisa at Rs112 on 41m shares, Maple Leaf Cement, up Rs1.25 at Rs43.85 on 35m shares, Lucky Cement, firm by 40 paisa at Rs79.90 on 31m shares, PTCL, up 35 paisa at Rs64.35 on 21m shares and National Bank, lower Rs2.05 at Rs189.75 on 19m shares.

Other actives were led by Fauji Fertilizer Bin Qasim, steady five paisa on 24m shares, Pakistan Cement, up one rupee on 14m shares and Bosicor Pakistan, higher by Rs1.15 on 12m shares.

FORWARD COUNTER: Maple Leaf Cement was actively traded, up Rs1.15 at Rs44.25 on 17m shares, followed by OGDC, higher by Rs1.75 at Rs116.65 on 14m shares, and Lucky Cement, firm by 40 paisa at Rs80.50 also on 14m shares.