KARACHI, June 13: The KSE 100-share index on Wednesday missed by only nine points its next target of 13,500, but analysts predict its post-budget performance reflects it may be eyeing new all-time peak level on the strength of strong foreign buying.

The KSE 100-share index added another 151.07 points to the overnight total at 13,477.24 aided by heavy speculative buying in the leading base shares under the lead of United Bank, OGDC and National Bank. Market capital soared by Rs42.103bn to Rs3,911.523bn.

The KSE 30-share index on the other hand posted rise of 100.71 points at 16,931.25 points amid an actively traded session as turnover figure swelled to 10-month high of 416m shares.

Trading volume soared to 10-month high of well over 426m shares.

“The post-budget belated buying euphoria reflected some deeper analysis of the fiscal measures on the future share market,” analysts said, adding “it could well prove a concerted assault on the next index target of 14,000 points”.

Budget was not that bad as was initially considered by the investors, it has some inherent stimulants, which were detected a bit late perhaps knowingly by the leading bulls in an apparent effort to lure weakholders to indulge in hasty selling, they added.

There is a loud whispering in some of the quarters about the meteoric rise in the index and the debate is going on whether or not it is genuine.

“To sustain the index level at well over 13,000-level against its base of only 1,000 points could hardly be speculative phenomenon, it must have some genuine reasons behind it including strong presence of foreign funds and comfortable liquidity position,” another analyst said.

Share prices should rise when “too many a rupee will follow too few scrip,” they added.

They said there could be normal technical corrections here and there but there was a remote possibility of any big shakeout at this stage despite political tensions and the prevailing judicial crisis.

Leading gainers were led by Pakistan Services and IGI Insurance, up by Rs18.50 and Rs18.90, followed by United Bank, EFU General, EFU Life, Highnoon Lab, Attock Petroleum, Rafhan Bestfoods and Thal Jute, which posted gains ranging from Rs10 to Rs14. Abbott Lab, Glaxo-SKF, Sapphire Fibre, JS & Co, Central Insurance and Arif Habib were also quoted higher by Rs8.20 to Rs9.85.

Top losers included Unilever Pakistan and Wyeth Pakistan, off by Rs19 and Rs40 followed by JS Global, Indus Motors, Noon Pakistan, AKF Securities, Bata Pakistan, Pak-Suzuki Motors and HinoPak Motors, off by Rs5 to Rs9.80.

Trading volume was at new peak level of 425.442m shares as gainers maintained a strong lead over the losers at 211 to 147, with 40 shares holding on to the last levels.

Pakistan Cement led the list of actives, up by 85 paisa at Rs16.05 on 37m shares followed by Lucky Cement, firm by 50 paisa at Rs112.40 on 31m shares, Bank of Punjab, higher by Rs3.25 at Rs115.85 on 28m shares, Bank Alfalah, up by Rs2.80 at Rs58.95 on 27m shares, D.G. Khan Cement, off Rs1.50 at Rs118.50 on 21m shares, National Bank, higher by Rs6.95 on GDR news at Rs260.45 on 19m shares and Maple Cement, higher by Rs1.15 at Rs24.15 on 17m shares.

Other actively traded shares were led by Fauji Fertiliser Bin Qasim, easy five paisa on 19m shares, TRG Pakistan, steady by 15 paisa on 18m shares and Askari Bank, up by Re1 on 17m shares.

FORWATD COUNTER: OGDC led the list of actives on this counter, up by Rs1.05 at Rs121.90 on 10m shares followed by Lucky Cement, higher by 65 paisa at Rs122.80 on 9m shares, D.G. Khan Cement, lower by Rs1.15 at Rs119.15 also on 9m shares.They were followed by National Bank, higher by Rs6.75 at Rs261.25 on 8m shares and Bank of Punjab, up by Rs2.95 at Rs116.20 on 7m shares.

DEFAULTER COS: Norrie Textile came in for active support at the previous level and was quoted unchanged at Rs2.30 on 1.147m shares followed by Zeal-Pak Cement, steady by 10 paisa at Rs5.30 on 0.362m shares and Shakarganj Sugar, up by 55 paisa at Rs16.80 on 0.356m shares.

Mukhtar Textiles and Nimir Chemicals followed them, lower 10 paisa and up five paisa at Rs2.50 and Rs3.45 on 0.127m and 0.165m shares respectively.