KARACHI, Oct 12: Trading on the stock market on Wednesday resumed on a bullish note as investors continued to build up long positions on the cement, oil and bank sectors amid predictions of handsome capital gains.

The KSE index gained another 169 points or 2 per cent at 8,791.94 and added Rs41 billion to the market capital at an impressive total of well over Rs2,509 billion. This billed as the highest figure during post-March crash trading.

The session’s notable feature was the return of the bulls to PTCL followed by predictions that sale deal with Etisalat is expected to get through by the end of the current month. But analysts warned investors not to ride the bandwagon until some positive official word on the issue.

The KSE 100-share index, however, breached through the second consecutive barrier of 8,700 and finished close to its next target of 8,800 followed by heavy buying in PTCL on some positive developments on its privatization front.

It finished the session at 8,791.94, up by 169.51 points as compared to Tuesday’s 8,622.43. The day’s highest and lowest were hit at 8,792.07 and 8,622.43.

All roads appear to be leading to the PTCL on reports of some positive developments on its sell-off front. As investor doubts about its final takeover by the highest bidder were cleared, according to loud market whispering, it attracted buystops at the lower levels. Report of higher interim earnings was another aiding factor.

Its share value soared by Rs2.65 at Rs67.05 on a massive volume of 105m shares. Its weightage in the index being 14 per cent, it added significantly to the increase in the index.

According to market sources Dubai-based Etisalat was expected to complete the PTCL takeover formalities before the deadline of Oct 28, which triggered price flare-up in its share value.

But there was no official word on the latest developments on the issue, although there were reports that Etisalat team was due here to sort out the pending issues before the takeover.

Cement shares also remained in strong demand under the lead of D.G. Khan Cement on the perception that the cement consumption would rise when the reconstruction activities begin in the earthquake hit areas.

But bank shares on the other hand took a breather after having risen to their career-best levels and ran into profit-selling, finishing modestly lower. Faysal Bank currently under squeeze rose further by Rs1.75 at Rs71 on strong institutional buying.

Prominent gainers were led by Attock Petroleum, Attock Refinery, Glaxo-SKF, Millat Tractors and Parke-Davis, which posted gains ranging from Rs9.45 to Rs55. Other good gainers include OGDC, Bank of Punjab, Askari Bank, PSO, Shell Pakistan, ICI Pakistan, up by Rs4.55 to Rs6.50.

Losers were led by Siemen’s Pakistan and Rafhan Maize, off Rs19 and Rs34.10 followed by Fazal Cloth, Allied Bank, Javed Omer, Pakistan Refinery, Lakson Tobacco, Atlas Honda, Murree Brewery and National Foods, which suffered fall ranging from Rs3.05 to Rs6.20.

Trading volume rose to 413.141m shares from the previous 339m shares as gainers held a fair lead over the losers at 176 to 125, with 43 shares holding on to the last levels.

Apart from PTCL, the most active list was topped by D.G. Khan Cement, higher by Rs3.40 at Rs91.50 on 64m shares followed by Fauji Cement, up by Re1 at Rs19.20 on 36m shares, National Bank, off 70 paisa at Rs165.95 on 29m shares, MCB, lower Rs1.55 at Rs143.05 on 22m shares and PSO, higher by Rs6 at Rs418 on 13m shares.

Other actives were led by Sui Northern Gas, up by 55 paisa on 14m shares, Fauji Fertilizer Bin Qasim, up by five paisa on 12m shares and Nishat Mills, easy 10 paisa on 8m shares.

FORWARD COUNTER: Bank of Punjab led the list of actives, up by Rs5.15 on 22m shares, PTCL, up by Rs2.75 at Rs67.55 also on 22m shares and D.G.Khan Cement, up by Rs3 at Rs91 on 18m shares.