KARACHI, Aug 29: Leading shares on Thursday remained under speculative squeeze for the third session in a row under the lead of PSO as big players were not inclined to lower their guards before pushing its share value to a pre-determined level. The index gained another 15 points at 1,951.

“Unlike previous speculative runs, it is not a straight tactical fight between the bulls and the bears but appears to be a consensus persistent price flare-up in the pivotals and their lead was promptly picked by the smaller ones and for good reasons too”, analysts said.

The KSE 100-share index finished with an extended gain of 14.87 points at 1,950.80 after hitting the day’s best level of 1,965, sending signals that its next chart point could be the 2,000.

“All roads again led to PSO as speculative forces were in no mood to loosen their squeeze on the price line”, says a leading stock analyst Raheel Moosani at the Moosani Securities “it could not be the bait of its privatization alone, speculators may have some others motive behind the bull-run”.

During the post-dividend weeks, it has risen by Rs50 per share and today’s spectacular rise to Rs207.80 at one stage reflects that it is heading to set new record as far as the price appreciation is concerned.

Some two decades, PSO’s 10-rupee share was stable above Rs400 on the strength of its record payouts and the current year’s cash dividend of 125 per cent plus bonus shares of 20 per cent is reminiscent of revival of the past glory, Raheel says.

PTCL joined the selective band of market trend-setter followed by reports of higher earnings and predictions of enhanced dividend for the current year actively followed by Engro Chemical and Adamjee Insurance, which came out with bonus shares at the rate of 15 per cent and ended at the circuit breaker, up Rs2.90, the higher limit of daily price increase.

But conflicting reports about the final dividend by Hub-Power in its board meeting of Sept 4, keep its share value unsettled as analysts say its payout between 30 and 50 per cent but no one is sure of the figure despite a clear idea of energy sales and profits.

Most leading floor brokers predict if the current tempo of speculative support could be sustained during the coming sessions also the 100-share index is sure to break the 2,000 point level possibly by the middle of the next month if all goes well with the external news.

Plus signs again dominated the list, major gainers being Al-Abid Silk, Wyeth Pakistan, Javed Omer, IGI Insurance, Pak Reinsurance, Lakson Tobacco and Parke-Davis, which posted gains ranging from Rs2 to Rs10, largest gain being in Lakson Tobacco and Parke-Davis.

Losses on the other hand were fractional barring Habib Arkady, Pakistan Refinery, Shell Pakistan, Lever Brothers, Glaxo-Wellcome and Rafhan Maize, off one rupee to Rs3.25.

Trading volume was maintained on the higher side thanks to general support amounting to 226m shares as gainers maintained a fair lead over the losers at 134 to 120, with 69 shares holding on to the last levels.

PTCL topped the list of most actives, up 30 paisa at Rs19.75 on 85m shares followed by PSO, sharply higher by Rs6.80 at Rs202.80 on 41m shares, Hub-Power, easy five paisa at Rs28.40 on 32m shares, Engro Chemical, up 85 paisa at Rs63.85 on 8m shares and Adamjee Insurance, higher by Rs2.90 at Rs42 on 5m shares.

Other actives were led by National Bank, up 85 paisa on 12m shares, ICP SEMF, higher 55 paisa on 8m shares, Sui Northern firm by 15 paisa on 4m shares and MCB, up 50 paisa also on 4m shares.

CLEARED LIST: PSO maintained its upward drive on the forward counter also as its both settlements ended further higher by Rs7 each at Rs.202.20 and Rs204.50 on 6m shares combined. Fauji Fertilizer rose by one rupee at Rs50 on modest business.