KARACHI, July 22: Stocks on Monday maintained their upward drive as investors covered positions in some leading MNCs, notably Hub-Power ahead of their board meetings but instances of selling at the inflated levels were not wanting.

A section of leading operators kept to the sidelines to have an overview of the current turmoil on the world bourses in the backdrop of reports of bankruptcy of some major US MNCs and their likely impact on the local stock trading.

The KSE 100-share index, however, managed to finish above its coveted level of 1,800 at 1,801.90, although late selling by the bears allowed it to finish with clipped gains, up 3.33 points.

The bulls doubt whether the attainment of the psychological barrier could lead them to further consolidation or a snap reaction as the margin is too small to be jealously guarded, one analyst said.

“I don’t think the current happenings on the world corporate sector could have a long-term negative impact on the local stock trading,” one broker said, adding “events such as collapse of Wall Street could certainly do.”

The developments on the privatization front, notably PSO, the energy giant, are expected to keep investors in a buoyant mood until September despite fears of political turmoil ahead of national elections and leading brokerage houses are operating having that end in view.

Although larger fall was averted investors were certainly worried over the developing situation on the world financial centres and the consequent decline in local buying by the foreign funds.

However, all was not bad with the broader market as bulls were there to support it and allowed it to finish with limited declines, which is called pruning in technical parlance.

Leading gainers were led by ICP SEMF, Gulshan Spinning, Shafiq Textiles, Shahpur Textiles, Legler Nafees, BOC Pakistan, Murree Brewery, Dominian Stocks, Traspak Corporation and Mari Gas, which rose by Rs1.05 to Rs2.65.

Losers were led by EFU Life, Attack Refinery, Pakistan Oilfields, National Foods, ICI Pakistan and Dawood Hercules, which suffered fall ranging from one rupee to Rs1.95.

But the largest decline of Rs23 at Rs470 was noted in Wyeth Pakistan on 160 shares. It has resumed its downward cycle and will rebound after falling to certain pre-determined lower levels just to keep sailing on either-way.

Trading volume rose to 95m shares as compared to last weekend’s 75m shares as gainers and losers were evenly matched, providing bulls and bears a level field to play.

The most active list was again topped by Hub-Power, up 35 paisa at Rs24.40 buying generated ahead of its board meeting during the next couple of days on 37m shares, followed by PTCL, firm by 10 paisa at Rs17.90 on 18m shares, PSO, lower 20 paisa at Rs142.10 on 13m shares, KESC, up 15 paisa at Rs5.25 on 4m shares and Southern Electric, higher 35 paisa at Rs11.80 on 3m shares and National Bank, easy 15 paisa at Rs21.20 on 2.652m shares.

Other actives were led by ICI Pakistan, off Rs1.35 on 2.338m shares, Engro Chemical, lower 25 paisa on 1.540m shares, D.G. Khan Cement, easy five paisa on 1.357m shares and ICP SEMF, higher by Rs1.05 on 1.239m shares.

FORWARD COUNTER: Hub-Power also proved to be a top volume leader on the forward counter, up 25 paisa at Rs24.35 on 8m shares followed by PSO and PTCL, easy five paisa and up 10 paisa, respectively, at Rs142.25 and Rs17.90 on 4m and 3m shares. ICI Pakistan and Engro Chemical were marked down by 30 and 34 paisa at Rs39.10 and Rs61.31, respectively, on modest turnovers.