KARACHI, Dec 31: Stocks closed the last session of the eventful year with clipped gains here as the early buying euphoria aided by vote of confidence for the prime minister turned into a massive selling in the PTCL and some other pivotals, pushing the turnover figure to a record high of 689 million shares.

The underlying sentiment, however, remained uppishly inclined in the backdrop of economic takeoff, perceptions of political stability and central bank’s nod about the economic recovery.

The KSE 100-share index ended with a clipped gain of 7.56 points but above the barrier of 2,700 at 2,701.42, after having touched the all-time high level of 2,747.9 at one stage.

Volume soared to a new single-session high level of 689.315m shares including a record 329m shares in Hub-Power, battering its previous all-time high level of 631.746m shares.

The year that has just faded into history was historic in more than one ways. It witnessed many previous records broken and new ones established both in terms of single-session traded volumes and the highest index level.

Most analysts believe as there will be no change in the financial background news, the KSE index could touch the high mark of 3,000 points aided by the presence of strong investment buying and hopes of a robust economy.

The index has risen by 112 per cent during the year adding about Rs200bn to the market capitalization at Rs594bn, only Rs16bn short of the previous all-time high record of Rs610bn, established in March 1994.

Based on the investor confidence and half a dozen support news both on the economic and corporate fronts, including a spate of higher dividend, steady inflow of huge money from the financial sector, investors are a little worried over a possible big shakeout at this stage.

Some leading analysts predict that, possibly by March, the index level of 3,000 could be touched provided the Hub-Power dividend is in line with the market perceptions and privatization schedule is strictly adhered to.

Trading resumed in the backdrop of vote of confidence for the prime minister with additional 16 votes, ensuring that now he is firmly settled and could take some vital decisions.

Central Bank quarterly report eying the growth rate of 4.5 per cent for the current fiscal says continuation of the existing policies is a must to sustain the economic recovery also buoyed investors.

Top gainers were led by Mitchell’s Fruits, after 30 per cent cash and 20 bonus shares, up Rs4.80 followed by Pakistan Oilfields, Dawood Hercules, Pakistan Refinery and Unilever Pakistan, higher by Rs5.70 to Rs20.