KARACHI, July 18: Stocks finished the weekend session on bullish note as investment buying figured prominently almost on all the counters under the lead of institutional traders helping the index to settle well above the newly attained chart point of 3,700. The Index added another 40.78 points to the overnight total at 3,751.71.

There could be more than one supporting reasons behind the unusual robust weekend rally, the most immediate being the ECO trade agreement under which the member countries will introduce uniform tariffs and greater market access for the products.

“No one appears to be in a mood to miss the rising market and for good reasons too,” says a broker, adding “quick gains within no time, minimum risk of a loss in a day’s trade and perception of regular source of income are the baits any one could miss.”

After hitting its new carrier-best level at around 3,760.00, the KSE 100-share index finally finished with an extended gain of 40.78 points at 3,751.71 as compared to 3,710.93 a day earlier. The total market capitalization swelled by Rs9.498bn at Rs835.494bn.

Over the week, it has gained another over 100 points or about four per cent and confidently demonstrated that it could take a breather after hitting its new target of 4,000 point index level.

The index level of 4,000 points, which appears to be a remote possibility to be hit a couple of months earlier now appears to be well within a reach and is expected to be hit during the next few weeks as all pointers are leading to that target, brokers said.

“The index is rising by well over 100 points or 3.5 per cent each week for the last couple of weeks and if it maintains its current tempo, the goal is just close by,” analysts said.

Credit for sustaining each rise largely goes to PTCL, Hub-Power and some other leading base shares, which form its basis. With the exception of Tuesday’s massive fall of 129 points it has averted major fall so far.

Weekend selling at the fag-end of the second session did take its tool on a number of overvalued counters, but it was readily absorbed at the dips as institutional traders were buyers of any scrip offered at a discount.

Meanwhile, leading brokerage houses have welcomed the proposed official action of the SECP against 39 illegal brokers who are indulging in share business. The action will enhance the activity of the brokers operating on the bourse.

The market advance was again led by the leading blue chips, in the energy, auto, chemical and textile sectors followed by some second-liners in the cement, ICP Mutual Funds and selected shares on all other counters, including Unilever Pakistan, Sapphire Textiles, Jahangir Siddiqui Bank, HinoPak Motors, Al-Ghazi Tractors, Packages, and Indus Dyeing, which posted gains ranging from Rs4 to Rs5.75.

The biggest rise of Rs7, 9.50, and Rs10.50 was noted in Gatron Industries, Pakistan Refinery, and Millat Tractors, respectively.

Losers were led by Abbott Lab, Siemens Pakistan and Parke-Davis, off by Rs4, 5 and Rs10, respectively, followed by Fazal Textiles, Gul Ahmed Textiles, Sapphire Fibre, Shell Pakistan and International Industries, off Rs1.50 to Rs4.30.

Trading volume suffered sharp contraction in the absence of leading sellers and fell to 494m shares from the previous 628m shares, but gainers maintained a strong lead over the losers at 221 to 159, with 54 shares holding on to the last levels.

FFC-Jordan Fertilizer topped the list of most actives, higher by 85 paisa at Rs16.75 on 64.621m shares followed by Hub-Power firm 20 paisa at Rs39.55 on 48.028m shares, PTCL, lower 15 paisa at Rs31.40 on 42.011m shares, Pak PTA, up 70 paisa at Rs12 on 35.396m shares and Chakwal Cement, higher Rs1.50 at Rs5.55 on 33.256m shares.

Other actives were led by PSO, higher by Rs1.70 on 26.477m shares, Dewan Salman, steady by 40 paisa on 21.457m, Lucky Cement, unchanged on 20.294m shares, D.G.Khan Cement, firm by 10 paisa on 17.473m shares and PIAC, higher by 55 paisa on 16.161m shares.

FORWARD COUNTER: FFC-Jordan Fertilizer also came in for strong support on this counter also and rose by 95 paisa at Rs17 on 9m shares followed by PSO, higher by Rs1.70 at Rs254.70 on 8m shares, Hub-Power, firm by 15 paisa at Rs39.80 on 7m shares, Pak PTA, up 70 paisa at Rs12 on 6m shares and PTCL, easy five paisa at Rs31.50 also on 6m shares.