As the low-priced bank and oil shares were generally targeted on reports of higher earnings and expectations of payouts, others having potential of both capital gains and dividend followed them, he added.

“I don’t call it the advent of foreign buying at this stage, but the mode of covering purchases reflects it may be around”, he added.

The weekend rally also shows that the bulls were not inclined to miss the run at the current lower levels of some of the leading shares. The investors had already made necessary portfolio adjustments after the announcement of date for lifting of the emergency during the last two weeks and did not make fresh investments owing partly to a long weekend ahead of Eid holidays, said a leading stock analyst Ashraf Zakaria.

“No one is inclined to take financial risks as any thing could happen during the coming holidays”, analysts said adding “however, the market is expected to witness flutters here and there during the last week of the fading year, having more than one records both in terms of index level and price flare-ups”.

Higher corporate earnings, attractive lower levels reached by some of the leading shares and expectations of strong presence of foreign investors could push the market to new highs during the coming weeks, some others said.

Analysts Ahsan Mehanti said leading investors were awaiting the post-emergency debut by foreign investors possibly by the first week of the next year and that would give a fair idea of future market outlook. A good number of weak-holders and jobbers were among the sellers for obvious reasons as they wanted to get out of the market well before Eid holidays.

Forward counter: Speculative issues on the forward counter also recovered from the early week lower levels and finished modestly higher under the lead of OGDC and MCB. Askari Bank, Bank of Punjab, Bank Alfalah and some other leading base shares also came in for active support and closed on a higher note. — Muhammad Aslam