KARACHI, Dec 24: Stocks on Wednesday finished further higher on active support from the financial institutions aided partly by reports of deal on LFO and partly to predictions of higher corporate earnings for the current year.

For the second time during the last about three months, the KSE 100-share index breached through the psychological barrier of 4,400 at 4,419.50, up 34.67 points as compared to 4,384.83 a day earlier, reflecting the strength of some leading base shares.

In its mid-September run-up, it had already hit its carrier-best level at 4,604 and now analysts are predicting a near-term target of 5,000 after the addition of the OGDC in the list of base shares forming the base of KSE 100-share index.

But analysts doubt whether or not price flare-up will identical that of last September in line with increase in the value of the index and are awaiting the final count.

Meanwhile, signing of the deal on LFO has been further delayed as the issue of retirement age of senior judges remains still unresolved but investors think the end appears to be just around.

However, nothing could be said with certainty about the post-LFO deal political situation as a major opposition parties are opposing it and are not inclined to accept it as a part of the constitution.

“The general perception is that the market current run-up could be sustained in the coming weeks also despite year-end considerations owing to higher corporate profits, improving relations with India and some positive developments on the privatization front,” says a leading broker.

After mid-session profit-selling, the market performed well on late strong institutional support and as a result most of the leading shares finished with an extended gain.

Leading gainers were led by Pakistan Refinery, Siemens Pakistan, Nestle MilkPak and Parke-Davis, which posted gains ranging from Rs9.85 to Rs25. Millat Tractors also came in for active support followed by reports of higher earnings and rose by Rs15.25 followed by Fateh Textiles, up Rs18.

Other notable gainers included Central Insurance, National Refinery, Pakistan Oilfields, Atlas Honda, Fazal Textiles, Atlas Battery, up Rs4.45 to Rs7.50.

Wyeth Pakistan, led the list of major losers, off Rs65 followed by Dawood Cotton, Indus Motors, Pak-Suzuki Motors, Dawood Hercules, BOC Pakistan, National Foods and Clariant Pakistan, which suffered fall ranging from Rs2 to Rs7. Other declines were mostly fractional and reflected lack of support rather than large selling from any quarter.

Among the pivotals, Hub-Power was only exception, which remained under pressure followed by rumours that the its management is being asked to lower its tariff, dealers said.

Trading volume rose to 272m shares from the previous 217m shares as gainers maintained a fair lead over the losers at 196 to 124, with 51 shares holding on to the last levels.

The most active list was topped by PTCL, up 35 paisa at Rs36.40 on 31m shares followed by Hub-Power, off 70 paisa at Rs38.80 on 25m shares, DG Khan Cement, up 75 paisa at Rs46.35 on 22m shares, FF Bin Qasim, higher by 40 paisa at Rs18.10 on 21m shares and Pakistan Oilfields, up Rs5.30 at Rs235.40 on 20m shares.

Other actives were led by Lucky Cement, higher by 30 paisa on 18m shares, PSO, lower 55 paisa on 15m shares, National Bank, up 30 paisa on 12m shares, Dewan Salman, firm by 25 paisa also on 12m shares, and Nishat Mills, higher by Rs2.10 on 10m shares.

FORWARD COUNTER: OGDC came in for renewed support and rose by 90 paisa at Rs55.25 on 87m shares, followed by PTCL, up 19 paisa at Rs36.31 on 3m shares, PSO, higher by 49 paisa at Rs282.99 also on 3m shares, Hub-Power, off 70 paisa at Rs38.85 on 2.521m shares and FF Bin Qasim, up 31 paisa on 2m shares.

The notable feature of forward trading was that most of the leading shares finished with odd gains apparently in an effort to forestall further rise or fall in their prices when the trading resumes on Friday.

DEFAULTER COMPANIES: Active trading was witnessed on this counter in sympathy with the ready section where bullish conditions again dominated the dealings.

All the shares finished with fractional gains on modest support but the turnover figure remained light.

DIVIDEND: Din Textiles, cash 20 per cent for the year ended Sept 30, 2003, Star Textiles, nil for the same year.

BOARD MEETINGS: Oil & Gas Development Company (OGDC) on Dec 26, Allawasaya Textiles, on Dec 29, Fateh Textiles, Mirpurkhas Sugar and Usman Textiles on Dec 30, and Mitchell’s Fruit Farms on Dec 31.