KARACHI, Nov 28: Stocks on Wednesday maintained their upward thrust as the strength of leading shares spilled over to other counters followed by active follow-up support both from the general investors and the institutional traders. The KSE 100-share index added another 3.63 point to the total at 1,376.39.

Buying support did expand to some second-liners also but essentially it remained confined to most of the market leaders including PTCL and Hub-Power.

The initial rise was again fuelled by rumours that Pak-Kuwait Investment Company has offered to sell five million shares of PSO to a Dubai-based oil giant followed by strong speculative buying in its share and sympathetic support in other pivotals. It fell to close with a fresh gain of Rs1.20 at Rs102.65 after touching the day’s peak of Rs104.

The KSE 100-share index early was up by 12 points but as it crossed the 1,380.00 point level profit-hunters moved in and took profits at the initial rise pushing it down to 1,376.39, up only 3.63 points from the previous close.

The index’s journey toward its chart point of 1,400 may be incepted at each rise but the developing financial scenario indicates it is eyeing well above this level. Heavy profit-taking at each rise in the leading base shares is cited one of the negative reasons behind its slow upward drive.

“By the middle of the next month the index could sit pretty comfortable above the 1,500 point level,” predict stock analysts at the W.E. Financial Services, basing their assessment on the future performance of the blue chip sector.

Foreign buying may not make bigger showing but the perception that it is around could keep the morale of the local investors higher, giving the needed boost at least to the top shares, they added.

The same view is held by the analysts at the Moosani Securities but they claim “the advent of the year-end buying could well prove the decisive factor in setting the future market direction to be followed in the new year trading account.

Many may still be in doubt but much has changed since Pakistan decided to support the US-led coalition against terrorism and attack on Afghanistan and there could be a perceptible change in the economic fundamentals in the months to come and that is what “the market is looking for since recession gripped it”, says a leading member of the KSE.

Plus signs dominated the list, with most of the leading shares finishing with smart gains under the lead of Gatron Industries after a good dividend, Dawood Hercules, Lever Brothers. Recikit and Benckise and Shell Pakistan, which posted gains ranging from Rs2 to Rs3.

Other good gainers were led by Gulistan Textiles, Cherat Paper, PSO, Abbott Lab and BOC Pakistan, which rose by Rs1.20 to 1.80.

Losers were led by Nestle MilkPak, off Rs7 followed by Al-Ghazi Tractors, and Shezan International, off one rupee to Rs2.30, while all other fall were fractional.

Trading volume expanded to 71 million shares from the previous 51 million shares as gainers maintained a fair lead over the losers at 94 to 59, out of 185 actives.

Hub-Power was again actively traded, up 25 paisa at Rs19.90 on 24m shares followed by PTCL, firm by five paisa at Rs18.10 on 21m shares, PSO, up Rs1.20 at Rs102.65 on 8m shares, Engro Chemical, steady by 20 paisa at Rs55.60 on 3m shares and ICI Pakistan, firm five paisa at Rs44.70 also on 3m shares.

Other actives were led by Sui Northern Gas, easy five paisa on 1.723m shares, Adamjee Insurance, steady by five paisa on 1.494m shares, Fauji Fertilizer, lower five paisa on 1.441m shares and MCB, lower 10 paisa on 1.262m shares.

FUTURE CONTRACTS: Forward counters also showed firm trend where leading shares rose by Rs1.05 to Rs3 for Fauji Fertilizer, PSO and ICI Pakistan amid active trading. The notable feature was that trading also commenced in December settlements side by side the ruling November ones.