KARACHI, Jan 24: The KSE 100-share index on Thursday consolidated itself above the coveted level of 1,500 points but late selling in the pivotals at the inflated levels worried investors amid fears of snap reversal.

However, spillover of the buying interest to the broader market, notably to those second-liners holding potential of price appreciations in the bull-run points to the extension of the current buying euphoria.

The KSE 100-share index early was up by 22 points on reports that a fresh US aid package of $3 billion will be finalized during President’s visit next month, but as the correction was overdue big bulls liquidate long positions at the inflated levels. It ended with an extended clipped gain of 8.95 points at 1,510.02.

The fact that it has consolidated itself above the barrier signals that the current run-up is not overdone and the market as the potential to rise further in the developing economic scenario, dealers said.

“Foreign fund buying is there but it is confined to only a couple of leading scrips, notably Hub-Power and could not be relied upon because of its deceptive nature,” says a leading broker, adding “the irony is that it leaves after each rise leaving behind a long list of casualties”.

What lent support to this perception is the phenomenon of broad-based buying covering all the sectors, notably the low-priced and second-liners ones.

“The market is getting out of the confines of leading base shares, including PTCL and Hub-Power and it may now not be that easy to pull it down just in one go by any adventurist,” stock analysts believe, adding “both the range of stocks that are coming in for trading or the extent of gains reflects a significant change in stock trading”.

Plus signs dominated the list under the lead of some inactive scrips, while losses were mostly fractional, reflecting selling meant for replacement buying rather than profit-taking.

Pakistan Oilfield reacted bullishly to 80 per cent interim dividend and rose to close higher by Rs6.30 followed by Siemens Engineering, up Rs10 on higher sales. But the notable feature was that Wyeth Lab, which has dropped sharply during the last couple of weeks, recovered by Rs10 from the recent lows.

Other good gainers were led by Alico, which continues to attract strong foreign buying, Noon Sugar, National Refinery, Sitara Energy, Al-Ghazi Tractors, Cherat Paper and Ghani Glass, which rose by Rs1.60 to Rs2.05.

Losers were led by Faisal Spinning, Gul Ahmed Textiles, PSO, Knoll, Packages, Jahangir Siddiqi & Co and Lever Brothers, off one rupee to Rs12.

Trading volume swelled to 222 million shares from the previous 184 million shares as gainers maintained a strong lead over the losers at 144 to 71, out of 264 actives.

Hub-Power again led the list of most actives on strong foreign buying, up 20 paisa at Rs22.05 on 84m shares followed by PTCL, steady by 10 paisa at Rs17.05 on 53m shares, FFC-Jordan Fertiliser, firm by 15 paisa at Rs4.80 11m shares, Sui Northern, lower 25 paisa at Rs11.15 on 9m shares and Engro Chemical, up 70 paisa at Rs60.80 also on 9m shares.

Other actives were led by MCB, up 80 paisa on 8.291m shares, Bank of Punjab, higher 45 paisa on 5.973m, D.G. Khan Cement, up 50 paisa on 5.713m shares, PSO, off Rs1.20 on 4.696m and Nishat Mills, lower 10 paisa on 3.968m shares.

FUTURE CONTRACTS: Bulk of the volume was again confined to PTCL, and Hub-Power, up 10 and 26 paisa at Rs17 and Rs22.06 on 2.741m and 2.609m shares, respectively.