KARACHI, June 13: Stocks on Friday remained in an upbeat mood as investors were not deterred by the weekend considerations and continue to build-up long positions on the low-priced sectors, finishing with extended gains. KSE index gained another 16.16 points at 3,264.63.

The notable feature was that there was no massive activity in any of current volume leaders, but a large turnover of about 416 million shares was judiciously shared by both the blue chips and low-priced actives, Dewan Salman and D.G Khan Cement, for instance, were far ahead the trend setters such as PTCL and Hub-Power.

“The broad-based buying generally adds to the depth of the market and its capacity to absorb unexpected shocks at the time of crisis, and that is perhaps where it is heading after crossing the index level of 3,200,” some analysts feel.

The KSE 100-share index managed to finish with a fresh modest rise after early moving either-way as the buying interest shifted from the leading base shares to the low-priced shares on the other counters. It finally ended around 3,264.63 after at one stage rising to above 3,275 index levels, up 16.16 points.

Although on-balance the index managed to finish higher, apparently seeking to attain its next target of 3,300, its highly volatile movements do worry investors as they could not plan on long-term basis.

Most leading stocks analysts, however, predict that it could take a technical breather after hitting its next chart point of 3,500 and until then leading operators will not allow others to fathom the buying strategy of the big ones.

“The shifting of buying interest from one quarter to another without any specific positive background news did not allow retailers or jobbers how to react to the changing mood of the market leaders,” they said.

The institutional buying figured prominently on the undervalued shares and absorbed mid-session selling at the dips. Retailers and short-term dealers on the other hand tried to get out of the market after indulging in weekend profit-selling.

Textiles shares remained in active demand and for good reasons too. Higher sales despite steep increase in lint prices and fiscal incentives in the new budget has raised hopes of both higher dividend and capital gains in the weeks to come. Synthetic shares also remained in strong demand under the lead of Dewan Salman followed duty concessions in the budget.

Cement and some other low-priced shares, including KESC and most of the leading shares in the energy sector, also came in for active support and generally ended higher amid active trading.

Plus signs dominated the list, major gainers being Javed Omer, Dewan Khalid Textiles, Umer Fabrics, Dadex Eternit, 13th ICP, General Tyres, Javed Omer, PSO, Pakistan Services, Abbott Lab and Pakistan Oilfields, which rose by Rs1.80 to Rs5.40.

The biggest decline of Rs52 was noted in Wyeth Pakistan without any deal as there was not buyers at the dips. Food shares followed it under the lead of Nestle MilkPak and Unilever Pakistan, off Rs5 to Rs9.

Other prominent losers were led by Sapphire Textiles, Cherat Cement, Honda Atlas, Clariant Pakistan, BOC Pakistan, Tri-Pack Films, Dawood Hercules, Pakistan Cables, Gul Ahmed Textiles, and Shell Gas, which suffered fall ranging from Rs1.50 to Rs8.

Traded volume showed a modest rise at 429.554m shares from the previous 410m shares as the advancing shares maintained a fair lead over the losing ones at 213 to 145, with 51 shares holding on to the last levels.

The most active list was topped by Dewan Salman, up Rs2.30 at Rs18.45 on 48m shares followed by PTCL, higher 60 paisa at Rs27.30 on 43m shares, D.G. Khan Cement, up 50 paisa at Rs21.85 on 42m shares, Sui Northern Gas, firm by 45 paisa at Rs35.05 on 34m shares and Hub-Power, up 25 paisa at Rs35.90 on 31m shares.

Other actives were led by PSO, sharply higher by 4.90 on 29m shares, Lucky Cement, higher by Rs1.50 on 23m shares, Pakistan Oilfields, up Rs5.40 on 20m shares, FFC-Jordan Fertilizer, easy 10 paisa on 15m shares and KESC, lower 10 paisa on 14m shares.

FORWARD COUNTER: PSO came in for strong speculative support on the forward counter also and rose by Rs4.20 at Rs218.80 on 7m shares, followed by Dewan Salman, up 90 paisa at Rs18.45 also on 7m shares.