KARACHI, Aug 9: Stocks on Friday remained in a bullish frame of mind as despite a brief interruption caused by reports of terrorist attack on a Christian hospital in Taxila, the KSE 100-share index finished the week with an extended gain of 14.29 points at 1,815.76.

The consolidation above the 1,800 points index level indicates that the dividend-driven rally could be sustained in the coming sessions too on the strength of speculative support.

“The market has been in an oversold position despite last month’s sluggishness and needed correction and that came in the form of short-covering both from the bargain-hunters and the institutional traders,” brokers said.

Market talk of higher dividend from some of the mega issues in the backdrop of good interim profits is expected to keep investors in a buoyant mood in the coming sessions also, they said.

After a brief interruption on selling followed by reports of attack on a Christian hospital near Islamabad and killing of four nurses, the KSE 100-share index managed to finish with an extended gain of 14.29 points at 1,815.76 as most of the leading base shares rose further.

Investors are, however, worried over the recurring incidents of terrorist attacks on the foreigners, which could create law and order situation in the coming weeks, and being sensitive to negative news the market’s current upward drive may be interrupted despite higher dividend.

“Hub-Power led the market advance on strong speculative buying ahead of its board meeting next month and rumours of final dividend of 40 per cent,” stock analysts said, adding “its lead was followed by the other pivotals allowing the market to finish the weekend session on a bullish note.”

The weekend rally always prove a forerunner of a sustained run-up when the trading resumes next week and if investors go by the market parlance there could be surprises for many, they added.

Both institutional traders and financial institutions remained active buyers at the current lower levels for the third consecutive session as reports of higher dividend, both from the textile and sugar shares, did not allow investors to take even a technical breather.

Leading gainers were led by Noon Sugar, Treet Corporation, Anwar Textiles, Shell Pakistan and Wyeth Pakistan Shell Pakistan, which rose by Rs2.75 to Rs20. The largest rise of Rs8.10 and Rs20 being in Shell Pakistan and Wyeth Pakistan.

They were followed by 4th ICP, Paramount Spinning, Crescent Textiles, Noon Sugar, Babri Cotton, PSO, Hilal Flour mills, Al-Ghazi and Millat Tractors, Noon Pakistan and Elite Publishers, up Rs1.20 to Rs3.70.

Losers included Wah-Noble Chemicals, Glaxo-Wellcome Pakistan and Dawood Hercules, off Rs1.25 to Rs1.60, while others fell fractionally.

Trading volume rose to 95m shares from the previous 74m shares as gainers maintained a strong lead over the losers at 134 to 87, with 70 shares holding on to the last levels.

Hub-Power topped the list of actives, up 45 paisa at Rs25.20 on 39m shares followed by PSO, higher by Rs2.30 at Rs142.80 on 13m shares, PTCL, firm by 15 paisa at Rs18.25 on 11m shares, Sui Northern Gas, up 20 paisa at Rs14.60 on 6m shares and MCB, higher 30 paisa at Rs24.90 on 6m shares.

Other actives were led by ICI Pakistan, lower 15 paisa on 4m shares, Engro Chemical, up 30 paisa on 2m shares, Adamjee Insurance, firm by 10 paisa on 1.624m shares, National Bank, unchanged on 1.434m shares and FFC-Jordan Fertilizer, steady by 15 paisa on 1.356m shares.

CLEARED LIST: Sharp rise of Rs2.45 in PSO featured the trading on this counter where other leading shares also rose. It finished at Rs143.25 on 3.826m shares.