KARACHI, July 5: The KSE 100-share index on Monday maintained its upward drive and after briefly breaching through the psychological barrier of 5,400, finished with a fresh sharp gain of 46.75 points at 5,399.72 on the relative strength of base shares.

The total market capital also soared by another 21.699bn at Rs1,461.422bn as compared to Rs1,439.723bn at the fag-end of the last week. There were more than one positive news, which aided the market to resume trading on a bullish note, leading among them being a record dividend of Rs2.55 per unit by the National Investment Trust (NIT) followed by a firm debut made by the provisionally listed Pakistan Petroleum.

It was pleasant surprise for the analysts and leading brokers when they witnessed the opening of Pakistan Petroleum's share at Rs103 and its steady onward thrust o Rs118.50.

The share of Pakistan Petroleum, which will open for public subscription from July 19 and will close on July 22, will offer 15 per cent shares including a green shoe option of five per cent for the general investors.

Its 10-rupee share, which is being offered at Rs55 including a premium of Rs45 finished at Rs116.50 after hitting the day's lowest and the highest at Rs103 and Rs118.35 on a turnover of over 30m shares.

The cash dividend representing 46 per cent increase over the last year's pay out triggered buy stops in National Bank, Bank of Punjab, Faysal Bank and some other, which hold massive NIT unit holding.

NIT's 10-rupee unit is now selling at Rs33.60 against its purchase price of Rs33.05 and the current rate of dividend could push its selling price further higher. "The NIT is one of the largest stakeholders and daily players on the stock market and any good news from it has a terribly positive impact on the underlying sentiment," analysts said.

Reports from the financial sector were also encouraging, notably fairly strong forex reserve position. The news that the State Bank is placing about $3 billion, out of the total forex reserves of $12.1 billion in eight foreign banks in fixed income securities reinforced the investor confidence in the share business.

The other aiding factor was reports of 20 per cent rise in the total cement production and full utilization of the existing capacity by all the units. The current squeeze on their shares eloquently speaks of the robust earning by this sector and predictions of higher dividend, brokers said.

Prominent gainers were led by Aventis, National Refinery and EFU Life Insurance, up by Rs9.15, Rs13.95 and Rs14.50 respectively followed by Javed Omer, Bank al-Habib, Metropolitan Bank, Lakson Tobacco, Fauji Cement, Shezan International, Jahangir Siddiqui Bank and PICIC, which posted gains ranging from Rs3.15 to Rs5.90.

Losers were led by Wyeth Pakistan, off Rs65 followed by Haroon Oils, Tri-Pack Films, Sitara Chemicals, Gatron Industries, Shell Pakistan, Noon Sugar, International Industries, IGI Insurance and Unilever Pakistan, off Rs2 to Rs10.

Trading volume fell to 263m shares as investors were not inclined to take profits in a rising market from the previous 364m shares but late selling allowed the losers to force a modest edge over the gainers at 173 to 139, with 59 shares holding on to the last levels.

OGDC topped the list of most actives, up Rs1.45 at Rs67.45 on 53m shares followed by Bank of Punjab, higher by Rs2.65 at Rs56.90 on 32m shares, National Bank, up Rs1.10 at Rs68.45 on 20m shares, DG Khan Cement, steady 50 paisa at Rs58.65 on 16m shares and Hub-Power, off 65 paisa at Rs32.10 also on 16m shares.

Other actives were led by PTCL, unchanged on 12m shares, Maple Leaf Cement, lower 30 paisa on 11m shares, Sui Southern Gas, steady five paisa on 8m shares, Sui Northern Gas, up 55 paisa on 7m shares and Fauji Cement, easy 35 paisa on 6m shares.

FORWARD COUNTER: Pakistan Petroleum came in for massive support and rose by Rs106.50 at Rs116.50 on 30.216m shares followed by OGDC, sharply higher by Rs1.70 on Rs67.80 on 6m shares, and Hub-Power, lower 50 paisa at Rs32.25 on 5m shares.