KARACHI, Jan 5: The KSE 100-share index on Thursday steadily rose to breach through another barrier for the third session in a row as the new year covering purchases manifested themselves in a big way on cement and bank sectors.

“I don’t think bulls may loosen their grip on the price squeeze before hitting the index level of 10,000,” analysts said adding, “a positive pause before Eid holidays is now overdue.”

The investors’ mood was well-reflected in the sharp increase in the index during the last couple of sessions, breaching successive psychological barriers and yesterday was short of 93 points below the target after having risen by 500 points in a week.

After hitting the day’s peak level of 9,944.34 at one stage, it ended the session at 9,907.14, up with a fresh gain of 53.83 points as PTCL, National Bank and D.G.Khan Cement rose further amid active trading.

“The index level of 10,000 now pretty sure to be hit by tomorrow in the morning session,” some analysts predict ”but is expected to react lower on weekend selling and a long weekend ahead.”

But some other analysts said the reaction may prove short-lived as positive news on the corporate front could again lift it beyond this level in post-Eid holidays trading.

“In the fast changing corporate and economic scenario the real worth of the index could be around 12,000 points before June this year, they said adding “market capital and dividend yields are already on the record levels and could add to its relative strength.”

Cement shares, which ruled dormant for the last couple of sessions again resumed their upward drive under the lead of D.G.Khan and Lucky Cement, and so did National Bank and Bank of Punjab among the banks.

Plus signs again held a strong lead over the minus ones under the lead of Dawood Hercules and Shell Pakistan, up Rs14.75 and 22.55,followed by Adamjee Insurance, Fazal Textiles, Sapphire Fibre, Attock Refinery, Pakistan Refinery, Indus Motors, Suzuki Motors, Ferozsons Lab, Colgate Pakistan, Gillette Pakistan, Treet Corporation and AKD Securities, which posted gains ranging from Rs00 to 13.2.

Losers were led by Unilever Pakistan, and Siemens Pakistan, off Rs51.25 and 15 respectively. Other leading losers included EFU General Insurance, Lakson Tobacco, Nestle Pakistan, Clariant Pakistan, and Sanofi-SKF, were marked down by Rs4 to 14.

Trading volume suffered a modest decline at 400m shares as compared to 412m shares a day earlier but gainers held a strong lead over the losers at 217 to 180, with 38 shares holding on to the last levels.

Fauji Fertiliser topped the list of most actives, up 95 paisa at Rs39.7 on 39m shares followed by D.G.Khan Cement, higher by Rs1.65 at Rs112.15 on 37m shares, PTCL, up 50 paisa at Rs67.20 on 34m shares, National Bank, higher by Rs3.60 at Rs210.20 on 32m shares, Lucky Cement, up Rs3.10 at Rs92.90 also on 32m shares, OGDC, lower 35 paisa at Rs120.75 on 16m shares and PIAC, up 65 paisa at Rs12.70 also on 16m shares.

Other actives were led by Fauji Cement, up 50 paisa on 16m shares, Sui Southern Gas, steady by 10 paisa also on 16m shares and some others, which were modestly traded on the higher side.

FORWARD COUNTER: Lucky Cement topped the list of actives on this counter, up Rs2.25 at Rs93.10 on 14m shares, Fauji Fertiliser Bin Qasim, higher by 50 paisa at Rs39.90 on 9m shares, and Sui Southern Gas, lower 10 paisa at Rs29 on 8m shares.