KARACHI, July 7: Stocks on Thursday tended further higher as investors again indulged in anticipatory and speculative buying on a number of counters under the lead of oil sector amid predictions that official announcement on the extension of phase out date of COT may be imminent.

However, as the rumours about the parallel badla market are getting strong each session as was reflected by strong recovery, both the KSE and SECP high-ups are silent on the issue.

Fresh heavy buying in PTCL again featured the trading where leading oil shares followed its lead on active short-covering at the still attractively lower levels.

The KSE 100-share index earlier in the session breached through the barrier of 7,600 points at 7,635, but failed to sustain it on late selling as compared to 7,530.34 a day earlier, up 58.73 points as all the leading base shares tended further higher under the lead of PTCL and OGDC.

The index level of 8,000 may still be an elusive goal but the breach of the 7,600 barrier is significant in more than one ways as it could well prove to be a takeoff point for its renewed march towards its lost glory and prestigious figure, analysts said.

However, there is no official word on the badla issue as the Security and Exchange Commission of Pakistan high-ups are tight-lipped about the extension of phase out date of badla (COT) or deny widely speculated rumours about it, leading investors are already taking fresh positions on selected counters ahead of the possible announcement anytime, brokers said.

But the SECP should quash the week-long rumours about the parallel badla market until Dec or announce the decision on the issue if there is any to protect small investors from a possible crash, they said.

“For the last couple of sessions, the market has been in tight grip of bulls that are pretty sure that badla and margin financing will go side by side until Dec 31, 2005,” they said.

The current run-up in the KSE 100-share index is reflective of the fact that those who have links in the corridors of power in Islamabad have found a cue about the impending decision on the badla issue to prop up the market and arrest the recent downward drift, they added.

Evidence of speculative buying on selected counters manifested itself in a bigger way and evoked a sympathetic support on other counters, allowing the market to maintain a steady posture.

Shell Pakistan and Unilever Pakistan led the market advance, up Rs28.55 and Rs57, respectively, followed by Pakistan Refinery, Attock Refinery, National Refinery, Attock Petroleum, Pakistan Oilfields, Ferozsons Lab, and Nestle MilkPak on reports that its principal company will spend $37 million to expand operations in specific areas, which posted gains ranging from Rs5.45 to Rs10.90.

Losses on the other hand were mostly fractional, barring Packages, Dawood Hercules, Gatron Industries, Artistic Denim, Lakson and Pakistan Tobacco and United Sugar, off by Rs3 to Rs8.25. But the last fall of Rs34.25 was noted in Siemens Pakistan.

The Trading volume fell to 213m shares from the previous 288m shares, but gainers maintained a fair lead over losers at 192 to 99, with 33 shares holding on to the last levels.

PTCL again topped the list of active on strong buying, up 10 paisa at Rs65.30 on 42m shares, the day’s best bid was hit at Rs65.90, followed by OGDC, higher by 95 paisa at Rs109 on 33m shares, Pakistan Oilfields, up Rs7.40 at Rs297.00 on 18m shares, DG Khan Cement, firm by Rs1.65 at Rs58.75 on 15m shares, Fauji Fertiliser Bin Qasim, steady by 40 paisa at Rs29.40 on 13m shares, and Pakistan Petroleum, up Rs2.05 at Rs220.60 on 10m shares.

Other actives were led by National Bank, higher by 45 paisa at Rs108.20 on 8m shares and PSO, higher Rs2.55 at Rs384.50 also on 8m shares, Kot Addu Power, up 60 paisa on 6m shares and Nishat Mills, steady 20 paisa also on 6m shares.

FORWARD COUNTER: Pakistan Petroleum led the list of actives on strong buying, up Rs1.20 at Rs223.10 on 15m shares, followed by OGDC, higher by 55 paisa at Rs110 on 14m shares, and PTCL, firm by 10 paisa at Rs65.85 also on 14m shares.