KARACHI, March 22: Stocks on Wednesday maintained their upward drive on steady inflow of both speculative and investment buying in leading oil shares under the lead of some foreign funds and a good bit of local bargain-hunting. KSE index rose by another 149 points at 11,278.48.

A closure ahead generally induces selling by the day-traders and bargain-hunters but the presence of foreign support kept them in the market throughout the session. The market will remain closed on Thursday on account of Pakistan Day holiday.

Technical rebound was, therefore, further extended as leading base shares steadily rose from their pre-reaction levels on strong local and foreign buying.

The KSE 100-share index recovered another 148.71 points or 1.34 per cent at 11,278.48 points as compared to previous 11,129.77 points. But the finish was well below the session’s high of 11,312.50 on late selling on some of the overvalued counters, notably National Bank, which reacted from the day’s peak level of Rs289.05 to Rs280.50.

The latest boost to the market was renewed buying in OGDC, Pakistan Petroleum and Pakistan Oilfields as some of the foreign funds were again building–up long positions in them followed by sympathetic local buying.

PTCL rode the bandwagon on some positive announcements by the new management, but some others said that as it was still ruling far below its fair value some of the speculators had enlarged their commitments in it at the current lower levels to realize capital gains.

Cement shares also remained in active demand on support triggered by higher exports and an increase in the local selling prices. D.G. Khan and Lucky Cement are trend-setters among them despite heavily overvalued.

“I think bulls are inclined to push the index to its new target, so far elusive, before the introduction of the newly recomposed index from April 3, in an apparent effort to create new record in the KSE trading history”, predicts a leading stock analyst.

Massive heavy buying in leading index heavy weights including OGDC, Pakistan Oilfields, Pakistan Petroleum and some others, which together hold a weightage of 60 per cent reinforces this perception, he added.

Bulk of the buying both local and foreign is directed against them at the rising prices, while the broader market is terribly weak not a positive sign and lead to speculation rather than genuine price flare-up.

Plus signs dominated the list under the lead of Wyeth Pakistan and Unilever Pakistan, up by Rs33.50 and Rs55, followed by EFU Life, EFU General, Gatron Industries, Fazal Textiles, Mari Gas, Pakistan Oilfields, International Industries and Ferozsons Lab, up by Rs6.10 to Rs9.45.

Shell Gas and Shell Pakistan fell by Rs4 and Rs4.80 respectively. Others prominent losers included National Bank, Sapphire Fibre, National Refinery, KSB Pumps and Millat Tractors, off Rs3 to Rs3.95.

Trading volume rose to 409m shares from the previous 398m shares as gainers held a lead of 181 to 145, over the losers, with 51 shares holding on to the last levels.

OGDC again led the list of actives, up by Rs4.15 at Rs154.95 on 89m shares followed by Lucky Cement, higher by Rs2.40 at Rs117.40 on 51m shares, PTCL, up by Rs2 at Rs64.90 on 44m shares, D.G.Khan Cement, firm by Rs1.40 at Rs151.90 on 31m shares, National Bank, off Rs3.95 at Rs280.50 on 27m shares and Pakistan Petroleum, higher by Rs4.75 at Rs255.75 on 20m shares.

Other actives were led by Pakistan Oilfields, higher by Rs7.05 at Rs597 on 13m shares, Telecard, up by Re1 on 9m shares and Fauji Fertilizer, firm by 35 paisa on 7m shares.

FORWARD COUNTER: OGDC again came in for strong support and tended further higher by Rs4.75 at Rs155.30 on 26m shares, followed by Lucky Cement, higher by Rs2.90 at Rs117.90 on 17m shares and National Bank, off Rs4.25 at Rs281.75 on 15m shares.