KARACHI, Oct 23: The overnight run-up on the stock market on Tuesday slightly slowed down as investors took stock of their inventories before making fresh commitments but the underlying sentiment remained uppishly inclined amid erratic price movements.

After a weak start, the KSE 100-share index managed to finish with a fresh rise of 8.15 points at 1,359.61, well above the resistance level as compared to 1,351.46 a day earlier. The weakness of the PTCL followed by active profit-selling caused the index to rise modestly.

The day’s highlight was provided by a massive renewed foreign buying in Hubco, which did not allow the broader market to fall from the current higher levels, despite a good bit of profit-selling in some other pivotals.

The perception that the Hubco management may came out with a final dividend at the rate of 30 per cent after its lenders had already approved the interim of 17 per cent did not allow investors to take even a technical breather and continued to build-up long positions in it.

“There was a virtual scramble for its share as the strong presence of foreign fund buying attracted a good bit of local covering purchases at the prevailing level”, analysts at the Moosani Securities say.

Just at the heels of overnight sharp spurt of Rs.1.65, it added another Rs.1.05 to the overnight gain at Rs.21.05 on a massive volume of 136 million shares, about a half of the total, they added.

PTCL, which was a bone of contention between the bulls and bears overnight faced unloading as investors opted for Hubco after shedding extra load in it. Its board meeting to be held shortly could come out with a handsome final dividend based on reports of higher earnings.

Stock analysts at the W.E. Financials predict that after having risen by about 300 points over the last couple of weeks, the market needs a mild technical correction, which could lead it to a consolidation phase.

But analysts at the Finex Securities were bit worried over the slowdown in the rising tempo and fear that correction may creep in a bigger way than many speculate after the market’s spectacular rise.

Plus signs again dominated the list, major gainers being A.A. Textiles, Pakistan Oilfields, Pak Datacom after a good dividend and bonus shares, Sitara Chemicals and Dawood Hercules, which posted gains ranging from Rs.2.00 to 6.50, the largest rise being in the Dawood Hercules.

They were followed by 9th ICP, Adamjee Insurance, Ellcot Spinning, Crescent Textiles, Kohat Cement, and National Refinery, which tended higher by Rs.1.20 to 1.95.

Losses on the other hand were again fractional, with the exception of Javed Omer, Sapphire Fibre and Al-Ghazi Tractors, which suffered fall ranging from one rupee to Rs.2.50.

However, broader market performed well as was reflected by the range of stocks, which came in for trading, the figure being well over 200 shares. Gainers maintained a strong lead over the losers at 117 to 64, with 30 shares holding on to the last levels amid an expanded turnover of 278 million shares.

Hub-Power topped the list of most actives, sharply higher by Rs.1.05 at Rs.21.50 on 136m shares followed by PTCL, lower 10 paisa at Rs.17.30 on 80m shares, PSO, off 35 paisa at Rs.110.35 on 9.350m shares, Sui Northern, up 20 paisa at Rs.10.70 on 7m shares and Fauji Fertilizer, higher 55 paisa at Rs.40.15 also on 7m shares.

Other actives were led by ICI Pakistan, easy 10 paisa on 6m shares, Nishat Mills, firm by 20 paisa on 5m shares, Engro Chemical, off 60 paisa on 4.261m shares, Adamjee Insurance, up Rs.1.20 on 4m shares and Dewan Salman, unchanged on 3.209m shares.

FUTURE CONTRACTS: Hub-Power remained in strong demand on the forward counter also rose by another Rs.1.10 at Rs.20.90 on 0.920m shares followed by Sui Northern, firm by 25 paisa at Rs.10.70 on 0.311m shares.