KARACHI, June 27: The share market on Wednesday maintained its upward drive for the third session in a row as investors were not inclined to take even a technical breather and made fresh covering purchases on selected counters. The KSE 100-share index rose to its new peak level of 13,669.03, up by 98 points.

After having driven bears to the sidelines, the market witnessed a fight between the leading bulls to grab the floating stock of some of the undervalued shares, with positive background news including takeovers.

The interesting feature was that there were no massive activities in any of the current favourites or the market trend-setters as investors opted for hereto neglected scrips.

The KSE 100-share index is steadily rising to its near-term next target of 13,700 points, which analysts said could well prove a launching point to its prestigious target of 14,000 possibly by the beginning of the new fiscal.

After having touched the session’s high of 13,682.72, the KSE 100-share index finally finished with an extended gain of 97.89 points at 13,669.03 as compared to previous 13,571.14.

Strong buying, both genuine and speculative in major index movers, notably MCB, United Bank, OGDC, PTCL and National Bank is driving it to new highs each session and indications are that no bear onslaught could halt its upward drive at least in the near-term, said a floor broker.

The free float KSE 30-share index also maintained its upward drive and was quoted further higher by 134.59 points at 16,991.34 points, only nine points short of the new peak level of 17,000 points.

Although the rally was fairly broad and covered all the current favourites bulk of the buying remained confined to bank shares on reports of foreign interest in some of them followed low-priced shares, having potential of capital appreciation.

TRG Pakistan, Pak PTA, Dewan Salman, Bosicor Pakistan and Maple Leaf Cement were leading among them, which remained in active demand throughout the session and ended with good gains.

Analysts said unlike the previous sessions year-end buying was prominent though on selected counters, but what was lacking was the strong presence of foreign investors.

There could be technical corrections here and there including the settlement of outstanding dues of the rung off June contracts but the future share business outlook appears to be bullish, they added.

Siemens Pakistan and Wyeth Pakistan were again among the leading gainers, up by Rs63 and Rs90.80, followed by Arif Habib Ltd, Javed Omer, JS Global, National Refinery, PSO, Mari Gas, HinoPak, Colgate Pakistan, Treet Corporation and JS & Co, which posted gains ranging from Rs8.50 to Rs23.65. There were several other good gainers also.

Prominent losers were led by Lakson Tobacco and Unilever Pakistan, off by Rs20 and Rs28. Others fell fractionally barring United Bank, Indus Dyeing, Pakistan Engineering, Bata Pakistan and Pakistan Services, which were quoted lower by Rs3 to Rs11.

Trading volume was maintained on the higher side at 366m shares as compared to 364m shares a day earlier as gainers held a strong lead over the losers at 259 to 121, with 27 shares holding on to the last levels.

The most active list was topped by TRG Pakistan, up 60 paisa at Rs14.40 on 24m shares followed by Bank Alfalah, higher by Rs1.75 at Rs59.20 on 24m shares, Askari Bank, up by Rs2.65 at Rs104.40 on 22m shares, Bosicor Pakistan, up by Re1 at Rs17.85 on 18m shares, Pak PTA, steady by 45 paisa at Rs5.30 on 16m shares, Bank of Punjab, up by Rs2.90 at Rs113.90 on 14m shares and Lucky Cement, firm by 65 paisa at Rs137.75 on 13m shares.

Other actives were led by Maple Leaf Cement, easy by five paisa on 14m shares, Fauji Fertiliser Bin Qasim, firm by 55 paisa also on 14m shares and Dewan Salman, up by Re1 on 13m shares.

FORWARD COUNRER: Bank Alfalah led the list of actives on this counter, higher by Rs1.75 at Rs59.25 on 5m shares followed by its July contract, up by Rs1.84 at Rs59.70 also on 5m shares and Maple Leaf Cement, lower 11 paisa at Rs25.40 on 4m shares.