KARACHI, June 9: Share values on the Karachi Stock Exchange on Wednesday rose further but finished well below the day's highs on late selling in some of the leading shares under the lead of PTCL.

There was, however, no immediate positive reaction to the election of new Sindh chief minister, although relative calm on the city law and order front has raised hopes that the change could lead to a sustainable peace.

The KSE 100-share index is gradually inching up to its next chart level of 5,500 possibly before the budget. It was last quoted with a fresh rise of 14.09 points at 5,465.14 as compared to 5,450.05 a day earlier.

Analysts said all eyes are now focused on the fiscal measures, including relief and incentives in the federal budget that is just two days away. Rumours under the name of "budgetary leaks" from well-informed sources are flooding the market, but speculative forces have so far failed to cash in on any of them.

It was perhaps for the first time that even the most influential among the leading speculators failed to find specific cue for one and it reflects that security around the document is too tight, they said.

But support from some of the leading financial institutions remained fairly steady as they were busy in adjusting their portfolio positions on certain counters before the year is out.

Both National Bank and OGDCL and some other blue chips remained in strong demand and in a way led to the market advance. Some of the low-priced shares, notably Pak PTA also attracted support for the second session in a row on reports of some breakthrough on the export front.

Cement shares, which have been in strong demand for the last about one month partly on reports of higher exports and further cut in excise duty in the fresh fiscal measures again remained under pressure as a section of leading investors again took profits at the still higher levels.

In the final count, plus signs maintained a fair lead over the minus one at 196 to 171, with 53 shares holding on to the last levels. Leading gainers were led by Central Insurance, National Refinery, Treet Corporation and Fateh Textiles, which posted gains ranging from Rs7 to Rs20.

They were followed by Dewan Mushtaq Textiles, BOC Pakistan, Haroon Oils, Rafhan Maize Products, Gatron Industries, Jahangir Siddiqui & Co, Murree Brewery, Ferozsons Lab and Al-Ghazi Tractors, up by Rs4 to Rs9.10.

The largest rise being in Al-Ghazi Tractors, which has been under pressure for the last couple of sessions owing to selling caused by reports of a cut in import duty on tractor imports.

Prominent losers were led by Javed Omer and Shell Gas, off Rs14 and Rs21.25, respectively, followed by Mehmood Textiles, Noon Sugar, Premier Sugar, Pak-Suzuki Motors, Island Textiles, Siemens Pakistan and National Foods, which suffered decline ranging from Rs3 to Rs5.10.

Meanwhile, sale of 10 per cent shares, including five per cent greenshoe option was closed after three days and initial reports indicate that the investor response was generally positive to the issue. The 10-rupee share was offered at a premium of the same amount (Rs20).

Trading volume showed a modest fall at 428m shares as compared to 436m shares a day earlier. Gainers maintained a comfortable lead over the losers at 196 to 171, with 53 shares holding on to the last levels.

National Bank topped the list of most actives, firm by 15 paisa at Rs66.20 on 36m shares, OGDCL, steady by 35 paisa at Rs66.80 on 32m shares, Pak PTA, up 75 paisa at Rs18.75 also on 32m shares, F.F. Bin Qasim Fertiliser, lower 15 paisa at Rs21 on 27m shares and PTCL, off 35 paisa at Rs42.55 on 26m shares.

Other actives were led by Sui Southern Gas, easy 10 paisa on 24m shares, D.G. Khan Cement, lower 40 paisa also on 24m shares, Fauji Cement, easy 30 paisa at Rs19 on 20m shares, Bank of Punjab, up Rs1.60 on 18m shares and PIAC, lower 15 paisa on 17m shares.

FORWARD COUNTER: Pak PTA came in for renewed support and rose further by 70 paisa at Rs18.90 on 7m shares followed by PTCL, off 35 paisa at Rs42.65 on 5m shares, Bank Alfalah, lower 30 paisa at Rs61.25 on 4m shares, F.F. Bin Qasim, lower 20 paisa at Rs21 on 3m shares and Hub-Power, easy five paisa at Rs33.25 on 2m shares.