KARACHI, Nov 26: The KSE 100-share index on Friday finally finished well above the level of 5,550 and analysts predict it could well prove a takeoff point for its upward march to the coveted goal of 6,000 in due course. It rose 33.60 points at 5,557.

What seems to have credence to their future bullish market perceptions was the advent of strong financial support despite reports of higher badla rates and volume and fears of fresh massive free float from there. Moreover, weekend rally always paves the way for its intensification when the trading resumes next Monday.

Stocks, therefore, finished the weekend session on a cheerful note as strong presence of institutional traders in the energy, banking and fertilizer sectors has raised hopes that it could evoke sympathetic covering purchases on other counters.

The KSE 100-share index finally ended with a good gain of 33.60 points at 5,556.87 as compared to 5,523.27 a day earlier as leading base shares, notably PTCL, OGDC, PPL and some others recovered from the previous lows.

The crucial level of 5,550 was decisively broken and that too at the weekend session, which reflects the mood of investors, some of them out to grab the floating stocks on the energy counter followed by fertilizer and banking.

The next widely speculated target of 6,000 may still be an elusive goal but analysts predict that moves are already afoot to hit it progressively, of course, after due consolidations.

"The index is reluctant to look beyond the crucial level of 5,550 as more than one bid to cross it during the last couple of months have so far failed," they said. "The current positive moves both on political and economic fronts may well provide it the much-needed push."

The market sentiment in part was also influenced positively after the release of Asif Zardari, husband of the former Prime Minister Benzair Bhutto from detention, which brokers consider could lead to political reconciliation between the contenders of powers.

The current political moves at the highest levels to normalise relations with India are an aiding supporting factor, evoking fresh buying on selected counters. On the corporate front, dividend announcements from both the leading shares, notably BOC Pakistan,100 per cent cash final and 300 per cent final by the management of Siemens Pakistan and above market expectations bonus shares by some of the second-liners textile companies are considered positive factors and could stimulate fresh buying.

Fauji Fertilizer Bin Qasim remained in strong demand for the fourth session in a row and maintained its upward drive on reports of higher interim earnings, while on the other hand, Sui Northern Gas, which came out with a cash dividend of 25 per cent followed it in terms of both price rise and traded volume.

Other actively traded shares, which finished with fresh gains, included PTCL, Bank of Punjab, OGDC, Askari Bank, Lucky Cement and some others. Plus signs held a strong lead over the minus ones, major gainers being Parke-Davis, up Rs60.65 owing to the shortage of floating stock, followed by Dawood Lawrence, Ferozsons Lab, Zulfiqar Industries, Pakistan Oilfields, International Industries ,HinoPak Motors and Shell Pakistan, which posted gains ranging from Rs5 to Rs21.95, largest being in Shell Pakistan.

Losers were led by Siemens Pakistan, off Rs24 followed by Treet Corporation, Pakistan Cables, Millat Tractors, Aventis, and Unilever Pakistan, off Rs4.90 to Rs16. Trading volume soared to 314m shares from the previous 291m shares as gainers forced a strong lead over the losers at 207 to 127, with 57 shares holding on to the last levels.

Pakistan Oilfields topped the list of most actives on new oil finds, sharply higher by Rs9.95 at Rs212.75 on 42m shares followed by OGDC, up 55 paisa at Rs66.65 on 37m shares, Fauji Fertilizer, firm by 30 paisa at Rs24.50 on 33m shares, Sui Northern Gas, up Rs1.75 at Rs54.30 on post-dividend buying, and Bank of Punjab, up 65 paisa at Rs62.45 on 18m shares.

Other actives were led by PSO, higher by 95 paisa on 11m shares, PICIC Growth Fund, easy five paisa on 10m shares, Lucky Cement, up 60 paisa on 9m shares and National Bank, unchanged also on 9m shares.

FORWARD COUNTER: Both settlements of PPL, rose by 88 paisa at Rs122 and 122.90 for the November and December contracts on 10 and 18m shares respectively owing to rolling of positions from the matured contract to the forward one.