Apart from speculative support on a number of counters, the dividend-driven rally is expected to manifest itself in a bigger way by the next week, as working results of some of the leading companies are due.
Despite weekend profit-selling on a number of counters at the inflated levels, the underlying sentiment remained uppishly inclined on strong early buying in leading oil shares, notably OGDC, Pakistan Oilfields, PSO, Shell Pakistan, followed by National Bank and the Bank of Punjab.
The KSE 100-share index again crossed the barrier of 7,800 but failed to sustain it as financial support played on both sides of the market because uncertainties associated with the weekend closures.
There appears to be a grim fight between the bulls and bears over the index level — the former want it to stay above 8,000 points, while the latter below it, analysts said.
The index finally ended at 7,789.76, up 20.55 points as compared to 7,769.21 a day earlier, as leading base shares came in for active profit-selling in the afternoon session, although it was well-absorbed at the dips. The lowest and the highest were touched at 7,764.84 and 7,833.27, respectively, during the session.
“The future outlook appears to be bullish on the strength of ground realities,” brokers said. “Mild corrections here and there may not cause any major shakeout in the current run-up.”
Pakistan Oilfields and Wyeth Pakistan leading among the gainers, up Rs17.35 and Rs45, respectively, followed by EFU Life, Adamjee Insurance, Lakson Tobacco, Millat Tractors, Dawood Hercules, PNSC and Pakistan Services, which posted gains ranging from Rs3 to Rs8.40.
Losers were led by National Foods and Attock Refinery, off Rs8 and Rs8.25, respectively. Other prominent losers were Atlas Battery, Clover Pakistan, Haroon Oils, Attock Petroleum, and Gatron Industries, which suffered fall ranging from Rs3 to Rs6.25.
Trading volume shrank to 272m shares from the previous 388m shares, but gainers forced a modest lead over losers at 123 to 108, with 40 shares holding on to the last levels.
OGDC led the list of actives, up 55 paisa at Rs114.65 on 49m shares, followed by Pakistan Oilfields, sharply higher by Rs17.35 on 31m shares, PTCL, lower Rs1.25 at Rs64.25 on 29m shares, Bank of Punjab, unchanged at Rs98.50 on 22m shares, National Bank, up one rupee at Rs118.50 on also on 22m shares, MCB, off Rs2.10 at Rs106.65 on 20m shares, Pakistan Petroleum, higher by Rs1.90 at Rs182.70 on 11m shares, and DG Khan Cement, lower 35 paisa at Rs61.75 on 14m shares.
Other actives were led by Fauji Fertilizer Bin Qasim, lower 35 paisa on 10m shares and Hub-Power, whose board meeting is due next week, up 60 paisa on 9m shares.
FORWARD COUNTER: Pakistan Oilfields was actively traded on reports of higher earnings and rose by Rs16.95 at Rs367.75 on 14m shares, followed by OGDC, firm by 50 paisa at Rs115.65 on 11m shares and PTCL, easy 20 paisa at Rs64.90 on 10m shares.
Pakistan Petroleum followed them, up 90 paisa at Rs183.75 on 8m shares and Bank of Punjab, higher by Rs2.10 at Rs99.50 on 6m shares. Others showed modest rise amid light trading.
DEFAULTER COS: Mixed trend was seen on this counter where prices showed either-way fractional changes. But there was no large volume in any of the shares, as investors stayed on the sidelines owing to weekend considerations.
DIVIDEND: Treet Corporation, cash 70 per cent; Island Textiles, 25 per cent; Salfi Textiles, 10 per cent; and Pakistan House International, nil.
BOARD MEETINGS: Ecopack and Arpak International, on Sept 7; Hajra Textiles, on Sep 8; Central Forest Products, Dadabhoy Sacks and Dawood Investment Bank, on Sept 9.