KARACHI, Feb 21: The KSE 100-share index maintained its upward drive for six consecutive sessions and virtually raced towards its new target of 8,000 after having added another 132 points and was pretty close to its crucial level.

It finally finished at 7,865.94, only 134 points short of its next chart level of 8,000 and that could be added to the total even on Tuesday. Fresh strong-covering purchases in PTCL and OGDCL gave the needed boost to its sustained run-up. "No one is clear about the post-8,000 index level," says a leading broker. But some others predict: "The level of 10,000 now may not be that ambitious".

Leading analysts were, however, not inclined to comment on the market's meteoric rise to all-time peak levels, as the bull-run is unfathomable for them and did not fall in line with the objective corporate background news excepting flurry of higher dividend by some of leading companies.

An interim dividend of 110 per cent sans widely speculated bonus shares by PSO ensuring an EPS of Rs15.22 was on the higher side of analysts' predictions but is said to be one of the stimulating factors behind the current run-up. However, its share value reacted bullishly, up Rs5.20.

Another factor behind the strong speculative buying is said to be upcoming board meeting of PTCL and the market talk of an interim of 2.5 per cent and EPS of Rs3.10. Bank of Punjab and some others are to follow suit during the next couple of sessions.

Floor brokers said the dividend-driven rally was expected to continue in the coming sessions also, as massively committed financial institutions and punters might opt for hasty loadings on any of the counters.

"There could be a partial sell-off on selected counters after the index level of 8,000, but there is no possibility of major shakeout as investors' perceptions have altogether changed in the backdrop of an ambitious dis-investment programme of state-owned units, including PSO, PTCL, Pakistan Steel and some others before June this year," they said.

Advancing shares dominated the list under the lead of Javed Omer, Dawood Hercules, Security Papers, Treet Corporation, PPL, Rafhan Maize, and National Refinery, which posted gains ranging from Rs12 to Rs26.50.

Other good gainers included Bank of Punjab, Jahangir Siddiqui & Co, Premier Sugar, Mari Gas, Packages and PNSC, up by Rs6 to Rs9.25. Losers were led by Gul Ahmed Textiles, Sapphire Fibre, Gadoon Textiles, IGI and Atlas Honda, off Rs4.50 to Rs11. Others fell modestly on stray selling.

Trading volume was maintained on the higher side at 777.118m shares as compared to weekend's 971m shares but gainers held a comfortable lead over losers at 197 to 149, with 42 shares holding on to the last levels.

The most active list was topped by PTCL, 45 paisa at Rs68.65 on 109m shares followed by OGDCL, higher by Rs1.95 at Rs99.80 on 105m shares, Sui Northern Gas, sharply higher by Rs5.40 at Rs77.40 on 54m shares, MCB, up Rs3.10 at Rs84.85 on 48m shares and National Bank, higher by Rs3.55 at Rs123.35 on 46m shares.

Other actives included DG Khan Cement, up Rs1.05 on 45m shares followed by Fauji Fertilizer Bin Qasim, steady by 55 paisa on 38m shares, Sui Southern Gas, firm by 55 paisa on 37m shares, Bank of Punjab, higher by Rs6.72 on 36m shares, and Pak PTA, up 95 paisa on 35m shares.

FORWARD COUNTER: Speculative issues on the forward counter also followed the lead of its ready section where PPL again came in for heavy buying, up Rs15.37 on 83m shares followed by PTCL, firm by 28 paisa at Rs68.58 on 24m shares, OGDCL, up Rs1.60 at Rs100.10 on 20m shares, Sui Southern Gas, steady 55 paisa at Rs33.35 on 12m shares, and Nishat Mills, higher Rs5 at Rs109 on 11m shares. Forward March settlements also followed the lead of their February contracts and generally ended with good gains.