KARACHI, June 29: Stocks on Wednesday maintained their upward drive on active follow-up support in most of the pivotals aided by reports that margin and badla financing may go parallel beyond the cut-off date of Aug 26.

Although there was no official word about the rumours, investors resumed covering operations on the perceptions that the rumours may have originated from the relevant quarters to test the market reaction, which was positive beyond expectations.

Instances of year-end portfolio adjustments were also not required as a section of leading brokers and financial institutions bridged the number gaps here and there and generated a lot of sympathetic buying on other counters. The KSE 100-share index recovered another 62.95 points at 7,494.75 as compared to 7,431.80 a day earlier, reflecting the relative strength of the PTCL and other leading base shares.

The PTCL, which has been under pressure after the privatization, came in for strong buying at the attractively lower level and recovered Rs2.90 and finished close to the day’s peak level.

“Moping operation to grab its floating stock may not have started but indications are that lowest is already hit,” analysts said. “The post-privatization rally is still to manifest itself in a bigger way.”

The PTCL has a potential to rise further on the strength of its corporate earnings despite the fact that there are still two opinions about the new management, they said.

One thing was, however, clear that no one was inclined to move out from the safe havens, notably oil shares and until big ones opt for risk areas the performance of the market may lack inherent strength.

That is perhaps why the market is trendless for the last couple of weeks as no one is inclined to take even a calculated risk for no apparent bearish reasons except for badla-related issues.

In physical trading, on the plus side, Shell Pakistan maintained its upward drive and rose by another Rs11 followed by AKD Securities, higher by Rs14.95. Other good gainers included Al-Ghazi Tractors, Berger Paints, PSO and Mari Gas, which posted gains ranging from Rs4.75 to Rs8.80.

Bank of Punjab, National Bank, Faysal Bank, PTCL, Murree Brewery and Pakistan Hotels also rose by Rs2.20 to Rs3.90.

Unilever Pakistan and Artistic Denim were prominent among the losers, off Rs9 to Rs9.05 followed by PNSC, Sitara Chemicals, Dawood Hercules, Pakistan Refinery, Gadoon Textiles, and EFU Life, off Rs2 to Rs4.

Trading volume rose further to 279m shares from the previous 210m shares as gainers held a fair lead over the losers at 158 to 114, with 45 shares holding on to the last levels.

The most active list was topped by PTCL, higher by Rs2.90 at Rs66.75 on 95m shares followed by National Bank, up Rs2.60 at Rs108.45 on 46m shares, OGDC, easy 90 paisa at Rs106.35, Bank of Punjab, higher by Rs3.90 at Rs83.60 on 15m shares, PSO, up Rs6.80 at Rs285.40 also on 15m shares, Pakistan Oilfields, firm by 25 paisa at Rs282 on 11m shares and Pakistan Petroleum, higher by Rs1.10 at Rs217.15 on 8m shares.

Other actives were led by Dewan Motors, lower 40 paisa on 6m shares, MCB, up Rs1.50 on 4m shares and PICIC Growth Fund, higher by Rs1.35 also on 4m shares.

FORWARD COUNTER: PTCL remained in strong demand and recovered Rs2.85 at Rs67.60 on 33m shares followed by Pakistan Petroleum, firm by 40 paisa at Rs220.80 on 11m shares and OGDC, steady by 25 paisa at Rs108.20 on 10m shares.