KARACHI, Feb 8: The KSE 100-share index on Friday maintained its upward drive followed by massive buying in leading base shares and finished with an extended gain of 61.84 points after briefly crossing the barrier of 1,800 points. The fresh stimulant was an upward revision of margins of the oil marketing companies and dealers.

Traded volume soared to a third single-session best figure at 419 million shares, previous records being 469.470 million shares on June 20, 2000 and an all-time record of 536.331 million shares established in March 2000, lifting the market capitalization to the coveted level of Rs400 billion after about two years.

Forward counter also emitted bullish sparks where four leading shares again breached the circuit breaker on heavy speculative buying and the consequent emergency clearing to square positions.

Early in the session, the index rose by about 82 points or 6 per cent at 1,804 on the strength of massive foreign buying in Hub-Power and PTCL, which together hold a weightage of 43 per cent in the index. It finally closed the weekend session at 1,785, up 61.84 points.

“Sky may not be the limit for the spectacular rise of the index but it appears pretty difficult to set its next after the successive breach of the psychological barriers”, analysts said.

The new bullish element, which triggered buystops in the energy shares, notably the oil marketing companies was the reports of an upward revision of dealer margins by 3 to 3.5 per cent, which is expected to significantly add to their profits.

Heavy buying in PSO, which has risen by about Rs40 during the week partly on reports of its early privatization followed by strong speculative buying including by some foreign interests led the market advance in the energy sector.

Hub-Power also remained in the tight grip of speculators on rumours of an increased interim dividend to be announced in the board meeting to be held next week in Karachi. Both local and foreign investors are cornering in its shares followed by persistent increase in its share value.

Plus signs again dominated the list under the lead of PSO, Shell Pakistan, Pak Reinsurance and Lever Brothers, which rose by Rs9.65 to Rs43.50 followed by EFU Life, IGI Insurance, BOC Pakistan, Dawood Hercules, Engro Chemical, Fauji Fertilizer, Security Papers, Murree Brewery, Treet Corporation and Tri-Pack Films, which rose by Rs2 to Rs4.95. The list strewn with good gains on all the counters also.

Losers were led by Mian Textiles, Faisal Spinning and Al-Azhar Textiles, off Re1 to Rs1.30. Other declines were fractional.

Trading volume rose to 419m shares as gainers maintained a firm lead over the losers at 173 to 45, with 34 holding on to the last levels.

The most active list was topped by Hub-Power, up Rs1.20 at Rs27.30 on 138m shares followed by PTCL, higher by 75 paisa at Rs19.70 on 128m shares, Sui Northern up 95 paisa at Rs14.90 on 35m shares, Fauji Fertilizer, higher by Rs3.40 at Rs54.30 on 16m shares and PSO, sharply higher by Rs9.65 at Rs138.55 on 12m shares.

Other actives were led by KESC, higher by Rs1.20 on 11m shares, Dewan Salman, firm by 25 paisa on 8.358m shares, FFC-Jordan Fertilizer, steady 15 paisa on 7.183m shares, Pakistan PTA, firm by 10 paisa on 6.902m shares and D.G.Khan Cement, lower 20 paisa on 6.772m shares.

FORWARD COUNTER: Four shares broke the circuit breaker on strong speculative support. MCB, ICI Pakistan, Fauji Fertilizer and Engro Chemical were leading among them, up by Rs1.60, 2, 3.75 and 5 at Rs28.60, 51.50, 54.75 and 71.95 respectively.