KARACHI, Jan 27: The KSE 100-share index on Friday improved its previous all-time high record of 10,346.00 at 10,447.56 points as investors continued to build up long positions on the leading base shares under the lead of National Bank and Pakistan Petroleum and some others.

Leading analysts said the current price flare-up in some of the leading MNCs signals strong evidence of foreign buying in them under the lead of Sanofi Aventis, Clariant Pakistan, Colgate Pakistan, Gillette Pakistan and some others, which posted fresh sharp gains already ruling at inhibiting levels.

The weekend profit-selling was there but the buying euphoria on selected counters did not allow bears to outwit the bulls who were said to be in terribly defiant mood and for good reasons too.

There could be a modest pruning during the next week at the higher levels but the strong weekend rally generally leads to further improvement both in the index and the price flare-up, brokers said.

The market’s buoyant mood was well-reflected in the index as it bettered its previous all-time record at 10,447.56, up by 142.76 points or 1.39 per cent adding Rs40 billion to the market capital at Rs3,010.00 billion before weekend selling pushed it slightly lower. The day’s peak was hit at 10,471.69 and the low at 10,304.80.

“No one could deny the fact that the market is still in a highly overbought position and by this time should have shed about 200 points but bulls are not inclined to loosen their grip before hitting their next target of 12,000 points”, analysts said.

However, they ruled out the possibility of any major shakeout at this stage as several leading companies are due to announce their annual interim working results during the next couple of sessions.

The central bank policy statement on the economy, signalling lower growth rate owing to negative fallout of last October’s earthquake and higher inflation rate was apparently ignored by the market as investors operated in line with basic market factors rather than external negative news.

The weekend profit-selling during the second session did clip some of the initial gains but reports of higher corporate earnings by Pakistan Petroleum and some others did not allow bears to make major dents in the existing price structure.

KESC was in the limelight for the second session after the management change and is quoted well above its face value and analysts said it could rise further from the current level.

Other low-priced shares, notably Fauji Cement, Fauji Fertilizer Bin Qasim, TRG Pakistan and some others also came in for active support at the lower levels amid predictions of handsome capital gains.

Sanofi Aventis and Unilever Pakistan which rose by Rs16.50 and Rs25 were leading among the gainers, followed by Arif Habib Securities, Pakistan Petroleum, Al-Ghazi Tractors, Pakistan Cables, Ferozsons Lab, Clariant Pakistan, Colgate Pakistan, Treet Corporation and Gillette Pakistan, which posted fresh gains ranging from Rs9 to Rs16.

Losers were led by Honda Atlas and Lakson Tobacco, off Rs6.45 and Rs10 respectively. Others which also fell included Indus Dyeing, Sapphire Fibre, International Industries and Grays of Cambridge, off Rs4.10 to Rs6.

Trading volume soared to 570m shares from the previous 502m shares as gainers held a strong lead over the losers at 249 to 106, with 47 shares holding on to the last levels.

D.G. Khan Cement topped the list of actives, up by Rs2.15 at Rs122.55 on 58m shares, National Bank, higher by Rs6.95 at Rs240 on 52m shares, OGDC, firm by Rs1.75 at Rs127.55 on 46m shares, PTCL, steady by 20 paisa at Rs67.05 on 26m shares, Pakistan Petroleum, higher by Rs9.60 at Rs215.60 on 25m shares, Fauji Fertilizer Bin Qasim, up by 75 paisa at Rs40.70 on 42m shares.

Other actives were led by Pak PTA, firm by 25 paisa at Rs8.25 on 23m shares, Lucky Cement, firm by 75 paisa on 22m shares, Fauji Cement, off 55 paisa on 22m shares and Nishat Mills, higher by Rs4.28 on 20m shares.

FORWARD COUNTER: Pakistan Petroleum led the list of actives, up by Rs9.45 at Rs218.60 on 16m shares followed by National Bank, up by Rs7.89 at Rs244.40 on 12m shares, and Fauji Fertilizer Bin Qasim, up by 82 paisa at Rs41.20 on 10m shares.