KARACHI, March 8: Stocks closed the weekend session on a firm note followed by fresh active short-covering in the pivotals, signalling that the current run-up is not elusive but has some positive fundamentals behind it. The KSE 100-share index rose by 15.90 points at 1,851.02.

This perception was reinforced by the fact that some of the leading shares, which are now traded on spot basis again remained the bone of contention among the punters and allayed fears of a considerable decline in the daily volumes.

Trading was, however, resumed about two hours behind the official opening time at 11 am as Information Technology Division of the KSE was busy in replacing the new server having more capacity to absorb the increasing workload as compared to the existing one.

But the KSE high-ups extended the closing hour to 5 pm instead of 4 pm to compensate the trading hour loss. As the trading remained suspended for about two hours punters and leading brokers were not inclined to sit idle and flooded the Lahore Stock Exchange with massive buystops in the pivotals, notably PTCL and Hub-Power.

A leading stock analyst at the Moosani Securities predicts the lure of privatization of some mega issues will not allow investors to sit on the fence at least for the next couple of months and that could well mean a continued bull-run.

“Everyone is eyeing the index level of 2,000 not in a distant future”, he says “there are strong basic fundamentals on which this assumption could be made”.

Stock analysts at the Rajabali Securities is also optimistic about the future stock market outlook and claims “much has changed since Sept 11 and the post-Afghan war scenario as far as the share business is concerned”.

Leading stock brokers say heavy buying in the shares, which are currently in the process of privatization will continue to inspire sympathetic buying on the other counters, which have the potential of capital appreciation.

Energy shares again led the market advance followed by blue chips in the chemical, cement and textile sector amid active trading.

Trading volume suffered sharp contraction as volume leaders such as PSO and Hub-Power are put on the spot list. The gainers maintained a strong lead over the losers at 140 to 79, with 46 holding on the last levels in a reduced turnover of 184m shares as compared to 301m shares a day earlier.

PTCL led the list of most actives up 10 paisa at Rs20.30 on 53m shares followed by Sui Northern, firm by 25 paisa at Rs15.50 on 25m shares, ICI Pakistan, sharply higher by Rs2.25 at Rs51.10 on 18m shares, National Bank, higher Rs1.55 at Rs22.05 on 13m shares and FFC-Jordan Fertiliser, steady by 20 paisa at Rs61.5 on 11m shares.

Other actives were led by WorldCall, higher by 80 paisa on 9m shares, Dewan Salman, up Rs1.05 also on 9 shares, KESC, easy five paisa on 5m shares, Adamjee Insurance, up Rs1.60 on 5m shares and Sui Southern, higher 45 paisa on 4m shares.

FUTURE CONTRACTS: As some of the mega issues are traded on spot basis, the buying interest has been shifted to this counter where Hub-Power came in for alternate bouts of buying and selling falling five paisa on 9m shares followed by PTCL, up by five paisa at Rs20.45 on 3m shares and PSO, higher 75 paisa at Rs157.45 on 1.590m shares.