KARACHI, Nov 8: Stocks on Tuesday maintained upward drive on strong early support in most of the pivotals but finished reacted on late profit-selling triggered by Wednesday’s closure on account of ‘Iqbal Day’ holiday.

However, the underlying sentiment remained uppishly inclined reflecting that the market could resume its upturn when trading resumes on Thursday on active follow-up support triggered by a possible deal on PTCL.

The KSE 100-share index posted fresh rise of 29.52 points at 8,693.54 as compared to 8,664.02, but ended well below the day’s peak level on late selling prompted by Wednesday’s closure. The session’s highest and lowest were hit at 8,737.40 and 8,636.58, respectively.

Analysts said the index had risen about 300 points during the last couple of sessions amid hopes of a positive outcome of the PTCL deal and it might run into profit-selling if the deal was further delayed.

“Bulk of the support appears to be based on speculative assumptions about the PTCL, although there still could be many a slip between the cup and the lip,” they said.

All eyes are now focused on the second round of talks on completion of the transaction by Etisalat, but the contenders may have to cross a Rubicon to reach a consensus formula, some others said.

The market advance was again led by bank shares on the perception that leading among them may announce bonus shares to meet the increased paid-up capital requirements as directed by the central bank.

The State Bank has directed banks to increase their paid-up capital from the existing Rs2 billion to Rs6 billion by the next year. Earlier, the banks had raised their paid-up capital to Rs2, which was attained after a lot of mergers between smaller and big banks.

Cement shares followed them amid hopes that consumption figures together with expanding exports could rise to new highs after the reconstruction work resumes in quake-hit areas, brokers said. DG Khan Cement, Lucky Cement and Fauji Cement hit their new career-best levels on strong buying.

National Refinery and Unilever Pakistan were leading among the gainers, up Rs18.70 and Rs22.75, respectively, followed by Jahangir Siddiqui Capital Market Fund, EFU General, Mustehkam Cement, Siemens Pakistan, Berger Paints, PSO, ICI Pakistan, National Foods, Goodluck Industries, Attock Refinery, Attock Petroleum, and Siemens Pakistan, which posted gains ranging from Rs4.25 to Rs17.

Prominent losers were led by Hinopak Motors and Pak-Suzuki Motors, off Rs6.50 and Rs7.75, respectively. Others to follow them were Javed Omer, National Bank, Gatron, Indus Motors and Wyeth Pakistan, off Rs4.10 to Rs6.

Trading volume rose further to 465m shares from the previous 430m shares as gainers held a comfortable lead over losers at 192 to 136, with 38 shares holding on to the last levels.

PTCL topped the list of most actives, higher by Rs1.35 at Rs61.60 on 74m shares, followed by Fauji Cement, up 75 paisa at Rs22.35 on 53m shares, DG Khan Cement, which seems to have reached its saturation point, up Rs1.60 at Rs100.60 on 50m shares, Lucky Cement, higher by Rs1.40 at Rs73.65 on 29m shares, Bank Alfalah, up Rs2.60 at Rs57.60 on 20m shares, National Bank, off Rs4.55 at Rs161.95 also on 20m shares, and Pakistan Petroleum, higher Rs1.75 at Rs207 on 19m shares.

Other actives were led by Bank of Punjab, steady by five paisa on 18m shares, OGDC, off 85 paisa also on 18m shares and PSO, higher by Rs4.50 on 17m shares.

FORWARD COUNTER: PTCL was also actively traded on the cleared list, up 90 paisa at Rs62 on 16m shares, followed by DG Khan Cement, firm by 70 paisa at Rs101.35 on 15m shares, Lucky Cement, up one rupee at Rs74.25 also on 15m shares.