KARACHI, Sept 5: Stocks on Wednesday maintained their upward drive boosted by reports that the talks on Musharraf-Benazir power sharing formula in Dubai were close to a deal as major irritants had been sorted out.

Revival of foreign buying combined with local speculative support in some of the leading banking, oil and fertiliser shares on higher payouts and future growth potential was another positive aiding factor.

Some leading analysts, however, doubt the proposed deal may end the political turmoil as nobody could precisely predict “how the Sharif borthers factor fit in the deal”.

The nation is divided on various issues and it would be pretty difficult to achieve a consensus in the highly polarised atmosphere at this stage, they added.

“But stock brokers have their own perceptions about the future share business outlook and rely on short and long-term strategies to meet any emergency,” some others said.

The KSE 100-share index added another 270.76 points or 2.18 per cent to overnight run-up at 12,663.86 and Rs80bn to the market capital at Rs3,671bn.

The early buying euphoria pushed it as higher as 12,710.61 points but mid-session selling in some of the pivotals pushed it down to close lower. The KSE 30-share index also rose by 2.43 per cent or 369.43 points at 15,565.36.

Leading base shares, notably OGDC, National Bank, MCB, Lucky Cement and Engro Chemical witnessed another price flare-up as some of them had passed through their upper locks and enabled the index to recover the lost ground.

Analysts said the perception that the proposed deal may end the prevailing political uncertainty was the chief inspiring factor behind the change in investor mood, notably of some leading foreign ones who could not resist the temptation of lower levels and rode the bandwagon along with the locals.

Among the top gainers, JS & Co and Unilever Pakistan were leading, up by Rs44.70 and Rs40 followed by Javed Omer, National Bank, EFU Life, IGI Insurance, Lakson Tobacco, Pakistan Refinery, Pakistan Oilfields, Dawood Hercules, Engro Chemical, National Foods on higher dividend plus bonus shares, Pakistan Resource Co and Treet Corporation, up by Rs7 to Rs14.25.

Prominent losers were led by Nestle Pakistan and Fazal Textiles, off Rs17 and Rs13.70. New Jubilee Insurance, Central Insurance, Sapphire Textiles, Thal Jute, Berger Paints and Pakistan Engineering followed them, off Rs5.50 to Rs11.50.

Trading volume soared to 327m shares from the previous 197m shares as gainers outpaced losers by 249 to 78, with 26 shares holding on to the last levels.

OGDC led the list of actives, up by Rs2.85 at Rs110 on 31m shares followed by National Bank, higher by Rs11.70 at Rs245.75 on 29m shares, Bank Alfalah, steady by Rs1.90 at Rs49.15 on 23m shares, D.G. Khan Cement, higher by Rs4.65 at Rs100.40 on 15m shares, Askari Bank, up by Rs2.65 at Rs92.40 on 11m shares and Engro Chemical, higher by Rs11.45 at Rs240.65 on 9m shares.

Other actives were led by TRG Pakistan, up by Re1 on 21m shares, Maple Leaf Cement, higher by Re1 on 12m shares and Arif Habib Securities, higher by Rs5.70 on 11m shares.

FORWARD COUNTER: National Bank led the list of actives on this counter, higher by Rs11.75 at Rs247.25 on 11m shares followed by MCB, up by Rs7.10 at Rs342.60 on 9m shares and Lucky Cement, higher by Rs5.65 at Rs119.05 on 8m shares.