KARACHI, Aug 8: The KSE 100-share index on Friday breached the third psychological barrier in another record single-session volume of 961m shares followed by a fresh wave of speculative buying in most of the pivotals under the lead of Hub-Power. It added another 119 points to the overnight total at 4,323, highest-ever level so far.

The market capitalization rose further by Rs22.609bn at Rs958.396bn thanks to steep rise in the share values of heavily-capitalized shares, notably PTCL, Hub-Power and some others.

Official announcement about the disinvestment of controlling shares of PSO sometime in October seems to have failed to enthuse investors as the exact date for the final bidding was withheld, which, analysts feel, could lead to further postponement.

A massive activity of 311m shares in Hub-Power followed by reports of strong foreign and local buying ahead of its board meeting, lifted the traded volume to its new all-time peak level of 961m shares as against overnight’s 959m shares.

The buying euphoria was so strong on selective counters, notably in PTCL and Hub-Power that investors did not care for weekend considerations or the negative signals from the political front about the government-MMA deal.

The KSE 100-share index breached the third consecutive barrier during the last two sessions and ended the weekend session at 4,322.93 as compared to 4,204.68 a day earlier, up 118.25 points or 3 per cent or 5 per cent during the last two sessions.

Not to speak of some more encouraging dividend announcements due from a dozen other leading companies, disinvestment of PSO shares alone through the stock exchanges will not allow bears to tilt the balance in their favour, analysts predict. However, firm date of PSO sell-off was not announced, which created doubts in investor minds about further postponement.

Floor brokers said lower bank rates, massive idle funds floating here and there and higher interim dividend announcements did not allow investors to sit on the sidelines and most of them are making quick gains on daily basis.

Although official sources denied the presence of foreign buying but massive activities in the PTCL and Hub-Power followed by PSO tell “it is there and may expand in the coming sessions,” they said.

But some leading analysts fear negative fallout of the failure of talks between the government and the MMA may be enormous on the current price flare-up and could lead to a market crash in due course.

Some others hope the light at the end of the tunnel will continue to guide stock trading also in the weeks to come but it now appears pretty difficult to pull market down from the current highs just on the strength of bad news from the political front.

Leading gainers were led by Wyeth Pakistan, up Rs91, followed by Pakistan Oilfields and Unilever Pakistan, which posted gains ranging from Rs16.70 to Rs20.

Other good gainers included Jahangir Siddiqui Co and Bank, Pakistan Resource Co, Dawood Cotton, Shell Gas, Abbott Lab and Century Papers, higher by Rs5 to Rs6.20, while many others posted gains ranging from Rs3.40 to Rs4.50.

Losers were led by EFU General, Javed Omer, Island Textiles, Pakistan Refinery, Pak-Suzuki Co, Atlas Honda and Atlas Battery, off Rs3 to Rs6.35.

Traded volume further rose to 961m shares from the previous 9959m shares but losers forced a modest edge over the gainers on late selling in some of the second-liners at 205 to 195, with 48 shares holding on to the last levels.

Hub-Power led the list of most actives, sharply higher by Rs3.15 at Rs45.80 on 311m shares followed by PTCL, higher by Rs2.30 at Rs38.40 on 164m shares, FFC-Jordan Fertilizer, up Rs1.50 at Rs19.55 on 63m shares, Fauji Cement, firm by 50 paisa at Rs11.10 on 38m shares and PIAC, up 65 paisa at Rs20.65 on 35m shares.

Other actives were led by PSO, easy 60 paisa on 27m shares, Pakistan Oilfields, sharply higher by Rs16.70 on 26m shares, Bosicor Pakistan, higher Rs2.10 also on 26m shares, Dewan Motors, higher by Rs1.30 on 21m shares and Sui Northern Gas, up Rs3.10 on 18m shares.

FORWARD COUNTER: Hub-Power also actively traded on the forward counter, up Rs3.20 on 42m shares followed by PTCL, higher Rs2.25 at Rs.38.55 on 29m shares, FFC-Jordan Fertilizer, higher by Rs1.50 at Rs19.65 on 11m shares PSO, firm by 50 paisa at Rs318.50 on 9m shares and Sui Northern Gas, higher by Rs3.10 at Rs44.80 on 4m shares.

DEFAULTER COMPANIES: Heavy buying in Biafo Industries featured the trading on this counter where some other active also rose. It rose by Rs1.15 at Rs8.75 on a large volume of 1.046m shares.

Other actives were led by Kashmir Edible Oils, higher by Rs1.50 at Rs14.10 on 0.475m shares followed by Islamic Bank, up Rs1.10 at Rs7.25 on 0.453m shares.

DIVIDEND: PICIC Commercial Bank, interim cash at the rate of 15 per cent for the half year ended June 30, 2003.