KARACHI, Dec 8: Stocks on Wednesday maintained their upward drive on active follow-up support on almost all the counters but finished below the day's best levels on profit-selling at the fag-end of the session.

Volume figure soared to a year's new high at 496m shares, reflecting the mood of investors. But on the other hand, the KSE 100-share index breached through the second consecutive barrier on early strong speculative support though failed to sustain it as fears of a fresh float from the carryover market triggered sell stops at the inflated levels.

In the meantime, its career-best level was established at 5,716.00. Earlier, it briefly touched the highest-ever level of 5,716.00 but ended below it around 5,698.64 as compared to previous 5,675.79, up 22.85 points on a large volume.

"Whether the breach of two successive barriers, 5,600 and 5,700 just in two sessions is a real breakthrough or a speculative rise", this is a question being debated in a section of leading stock analysts "evidence is inconclusive as only next few sessions will determine its strength".

However, indications are that the index could rise further, after the trading resumes on Thursday, to a level at which technical correction in the form of profit-selling both from the carryover and overbought market is overdue.

Analysts are, however, of the view that any amount of selling could be absorbed, notably at the decline as reports of higher corporate earnings and some positive basic changes in the marker fundamentals will not allow investors to sit on the sidelines.

"Massive investment at Rs29 billion on the carryover could cause major upset in the prevailing market trend but weighed in the light of some balancing factors its negative fallout could be neutralized", they said.

Bank shares again led the market advance on reports of higher earnings followed by fertilizer, cement and oil and gas shares. Textile shares followed them under the lead of Nishat Mills, which rose by Rs4.05 and a circuit breaker has to be applied to check fresh speculative rise in it.

Some brokers predict textile sector could assume the role of a market trend setter during the next couple of weeks owing to higher dividend and bonus shares being announced by most of them amid reports of higher export earnings and cheap lint prices.

Plus signs again dominated list as some of the leading shares virtually rose to hit their new highest levels, notably among them being Bhanero Textiles, Gatron Industries, Siemens Pakistan, Berger Paints, and Lakson Tobacco, which posted gains ranging from Rs10.85 to Rs20.

They were followed by Blessed Textiles, Nishat Mills, Pakistan Refinery, Century Papers, Al-Abbas Sugar and Thal Jute, up ranging from Rs4.05 to Rs7.70. Faisal Spinning, Shell Pakistan, Mari Gas and Treet Corporation showed modest gains.

Losses on the other hand were fractional barring Nishat Chunian, HinoPak Motors, Island Textiles, Central Insurance, Sitara Chemicals, Aventis and Shezan International, off Rs3 to Rs7.20. While Wyeth Pakistan shed Rs20.

Trading volume rose to 497m shares from the previous 365m shares as advancing shares held a strong lead over the losers at 216 to 174, with 62 shares holding on to the last levels.

Nishat Mills topped the list of gainers, up by Rs4.05 to Rs58.50 on 56m shares, followed by Sui Northern Gas, higher by Rs1.80 at Rs56.55 on 50m shares, PTCL, lower 20 paisa at Rs41.35 on 43m shares, MCB, higher by Rs1.50 at Rs53.90 on 37m shares, Fauji Fertilizer Bin Qasim, firm by 45 paisa at Rs25.20 on 30m shares.

Other actives were led by D.G.Khan Cement, steady 30 paisa on 29m shares, National Bank, lower 40 paisa on 26m shares, Hub-Power, firm by 15 paisa on 23m shares, Bank of Punjab, up by 25 paisa on 20m shares and PSO, higher by 80 paisa on 17m shares.

FORWARD COUNTER: PPL came in for active follow-up support and rose by 90 paisa at Rs123.45 on 21m shares followed by Fauji Fertilizer Bin Qasim, firm by 35 paisa at Rs25.15 on 15m shares and MCB, higher by Rs1.55 at Rs53.95 on 8m shares.