KARACHI, Jan 19: The KSE 100-share index finished the pre-eid holiday session at its career-best level of 6,746 points on heavy selective buying followed by official statement that the situation in Sui area was returning to normalcy and gas supplies would be restored during the next two days.

It posted a sharp gain of 142.85 points at 6,746.40 points, surpassing its previous single-session record of 6,710.00 established earlier this month. PTCL and OGDC, boosted it amid massive support. Market capital also rose by Rs34.00bn at Rs1,863.826bn.

Financial investors and bargain-hunters targeted PTCL and OGDC and lifted the KSE 100-share index to its new highs, allaying fears of a big sell-off in the backdrop of negative news from Sui.

Both the shares have about 40 per cent weight age in the index and could move it either-way depending on the mood of investors, notably bargain-hunters. However, it was not clear whether or not foreign buyers have resumed buying in PTCL and OGDC, although some leading analysts claimed they were in the market in a big way to grab the floating stocks at the current rates.

PTCL is to be privatized before June this year. The KSE 100-share index not only recovered its overnight loss but also added to the total. It was billed as a credible performance in view of the eid holidays, which generally attract selling both from the bargain-hunters and speculators.

The market should have fallen further as investors generally unload long positions ahead of a long weekend holidays but Prime Minister Shaukat Aziz's statement that the situation in Sui was returning to normalcy attracted fresh buying at the lower levels.

Pakistan Petroleum whose gas purification plant at Sui was damaged and the consequent suspension of supplies is expected to be on line within the next two or three days, officials said.

The market also derived strength from reports that Pakistan's recently floated Islamic bond was heavily oversubscribed as it received bids totalling $1.2 billion against the offer of $600m.

The five-year bond was sold above the London inter-bank offered rate (LIBOR). Analysts said Wednesday's rally could well prove a prelude of market's upward drive to its next chart point of 7,000 during the post eid-holiday sessions.

The fact that investors are not inclined to take even a technical breather as they are not inclined to miss the rising market reflects that worst may over, although signals from the Balochistan are not that positive, they said.

Meanwhile, it is good to know that an Egyptian company, Orascom, has purchased 51 shares of Chakwal Cement and announced to commence commercial production by early next year.

Its share value rose modestly as investors purchased it in anticipation of capital gains. Plus signs dominated the list under the lead of Colgate Pakistan, Aventis, Parke Davis, Rafhan Maize and AKD Securities, up by Rs13.80 to Rs46.95.

They were followed by Atlas Honda, Murree Brewery, Indus Dyeing, Quetta Textiles, Lakson Tobacco, and Sapphire Fibre, which posted gains ranging from Rs5 to Rs8.30.

Losers were led by Shell Pakistan, which suffered a sharp fall of Rs15.10 as an interim dividend announced by its management at the rate of 80 per cent seems to have fallen below market expectations. Last year it gave in an interim of Rs6.50 per share.

Others notable losers included Bhanero Textiles, Shafiq Textiles, Gatron Industries, EFU Life, Clover Foods, Gul Ahmed Textiles, and Faisal Spinning, off Rs4.50 to Rs8.

Trading volume soared to 689m shares from the previous 376m shares as gainers forced a strong lead over the losers at 223 to 147, with 44 shares holding on to the last levels.

PTCL topped the list of most actives, sharply higher by Rs3.90 at Rs56.40 on 222m shares followed by OGDC, up by Rs2.55 at Rs79.05 on 138m shares, Fauji Fertilizer Bin Qasim, steady by 80 paisa at Rs31.50 on 38m shares, Sui Southern Gas, firm by 65 paisa at Rs29.35 on 36m shares and D.G.Khan Cement, higher by Rs1.85 at Rs59.85 on 25m shares.

Hub-Power led the list of other actives, firm by 35 paisa on 21m shares, Lucky Cement, steady 40 paisa on 19m shares, Sui Northern Gas, up by 35 paisa on 18m shares, National Bank, lower 15 paisa on 17m shares and Pakistan Oilfields, higher by Rs2.65 on 15m shares.

FORWARD COUNTER: PTCL also led the list of actives on this counter, sharply higher by Rs3.95 on 56m shares, followed by OGDC, higher Rs2.25 on 19m shares, PPL, up Rs3.20 at Rs142.50 also on 19m shares, and Sui Southern Gas, firm by 75 paisa at Rs29.50 on 6m shares. Others were also actively traded mostly on the higher side.