KARACHI, Feb 7: The KSE 100-share index on Tuesday breached through the second consecutive barrier boosted by fresh heavy buying in oil and bank shares following reports of higher corporate earnings and expectations of handsome payouts. The KSE 100-share index added another 111.46 points to the overnight total at 10,913.78.

Investors seem to be in no mood to entertain bearish ideas as no one among them is inclined to miss the rising market and rode the bandwagon despite mid-week two closures on account of Ashura holidays, which in normal trading session should attracted a lot of selling.

Higher interim dividend by PSO and final dividend by Packages and bonus shares by Abbott Lab at 25 per cent and bonus shares of 20 per cent followed by 50 per cent cash by PSO and 60 per cent by Packages were aiding positive factor.

It appears to be a judicious blend of both the local and foreign buying on selected counters as prices are soaring beyond technical levels and reach of general investors, dealers said.

The index finally ended close to session’s high at 10.913.78, the opening being the lowest for the day, up 111.46 point or 1.03 per cent as all the leading base shares added to the overnight gains under the lead of OGDC, National Bank, Pakistan Petroleum and MCB. Market capital also appreciated by Rs28 billion at Rs3,138 billion.

An idea of sustained bull-run may be had from the fact that investors were not deterred by the two closures on Wednesday and Thursday on account of Ashura and continued to build up long positions in line with the portfolio investors.

“The talk of index level of 11,000 points now appears that ambitious,” says an analyst. “The goal of 12,000-point level is closing nearer by each session.”

Apart from fresh heavy foreign buying, including Dubai based, in the bank and oil counters despite their inhibiting higher levels in a terribly liquid market, some of the local punters were also active.

As a result, most of the leading shares finished around their upper locks, under the lead of National Bank and MCB, which posted gains ranging from Rs10 to Rs12 in that order. OGDC, Pakistan Petroleum and DG Khan Cement followed them, with good gains of around Rs4.

News from the bank sector were fairly optimistic as was reflected by a cash dividend of 20 per cent and 20 per cent bonus shares by Union Bank, and in a way it signals identical positive announcements from others.

Leading gainers were led by Rafhan Maize Products and Siemens Pakistan, up by Rs35 and Rs52, respectively, followed by Jahangir Siddiqui Capital Market Fund, National Bank, MCB, Abbott Lab, after a good cash dividend and bonus shares, Treet Corporation and Sanofi-Aventis, up Rs8.10 to Rs14.

Prominent losers included Mustehkam Cement and Nestle Pakistan, off Rs6.40 and Rs9, respectively. Other notable losers included Zulfiqaur Industries, Atlas Honda, Al-Gahzi Tractors, Singer Pakistan, Premier Sugar, Pakistan Services and some others, off Rs3.50 to Rs6.

Trading volume rose to 668m shares from the previous 619m shares but losers managed to force a slight edge over gainers on late selling owing to two closures ahead. Losers led gainers by 198 to 184, with 47 shares holding on to the last levels.

OGDC topped the list of actives, higher by Rs3.95 at Rs136.95 on 65m shares, followed by National Bank, up Rs10.10 at Rs263.60 on 61m shares, DG Khan Cement, firm by Rs2.80 at Rs137.50 on 56m shares, MCB, higher by Rs11.25 at Rs236.75 on 46m shares, Pakistan Petroleum, up Rs3.30 at Rs230.00 on 40m shares, Fauji Cement, steady by 30 paisa at Rs27.40 on 38m shares, and Lucky Cement, higher by Rs2 at Rs109.75 on 27m shares.

Other actives were led by Pak PTA, steady by five paisa on 29m shares, followed by Fauji Fertilizer Bin Qasim, lower 40 paisa on 23m shares and TRG Pakistan, up 80 paisa on 22m shares.

FORWRAD COUNTER: National Bank topped the list of actives on cleared list, up Rs19 at Rs265.50 on 25m shares, followed by MCB, higher by Rs11.35 at Rs238.15 on 19m shares, and Pakistan Petroleum, firm by Rs3.65 at Rs231.90 on 15m shares.

OGDC followed them and rose by Rs4.50 at Rs138 on 15m shares, and DG Khan Cement, up Rs2.65 at Rs138.20 on 13m shares. Some others were also actively traded and finished higher.

DEFAULTER COS: Dandot Cement came in for active selling at the higher levels and fell by 60 paisa at Rs13.20 on 0.466m shares, followed by Service Fabrics, up 90 paisa at Rs2.60 on 0.385m shares and Crescent Standard Bank, easy 10 paisa at Rs12.95 on 03.54m shares. Others were modestly traded mostly on the lower side.

DIVIDEND: Abbott Lab, cash 25 per cent plus bonus shares 20 per cent; PSO, second interim 50 per cent, 60 per cent first interim already paid; Packages, interim 60 per cent.