KARACHI, March 22: A record number of 402 shares were traded on the stock market on Friday as investors opted for the undervalued and low-priced scrips from the high-profile ones amid predictions of an imminent bull-run.

“It is a significant shift in investor perceptions and is expected to give the needed depth to the stock trading,” stock analysts at Moosani Securities predict, adding “the motive may not be the capital gains alone, it may have some other reasons too.”

The record number of shares, which also included inactive ones for the last many years is reminiscent of the boom conditions of the mid-1990s when the KSE index soared to an all-time peak level of 2,662. But unlike the previous booms, daily turnover figure did not match as investors held on the their positions awaiting capital appreciation.

The early run-up was partly attributed to the positive statement from the Indian prime minister, lauding Pakistan’s efforts to curb terrorism and possibility of resumption of political talks to settle the outstanding issues, the later reaction was caused by weekend selling.

An idea of bullish perceptions may well be had from the fact that the KSE 100-share index was close to breach through the barrier of 1,900 points but finally ended partially reacted on weekend selling by jobbers and sundry speculators. It closed the weekend at 1,894, up 9.74 points.

In market parlance, weekend rally always paves the way for sustained run-up when the trading resumes next week and is perhaps why, analysts are optimistic about the direction of the market.

Trading was, however, relatively slow as investors were not inclined to commit themselves beyond manageable limits owing to three closures ahead, but the underlying sentiment remained uppishly inclined despite late selling in PTCL and Hub-Power.

After passing through two technical corrections, stocks have resumed their upward trend on the strength of strong support originating from all the quarters under the lead of leading institutional traders.

“Though foreign fund buying is confined to selected counters, its presence has reassured the local investors that future outlook may remain bullish,” says a leading stock broker

The general perception is that the index could breach through the barrier of 2,000 point during the next couple of weeks as the market has already passed through a necessary technical correction, he adds.

Plus signs again dominated the list, major gainers being Syed Match, Millat Tractors, Treet Corporation, Wyeth Pakistan and Nestle MilkPak, which posted gains ranging from Rs3.35 to Rs7 amid active trading.

Losses on the other hand were mostly fractional barring Fateh Textiles, which fell by Rs40, without any transaction, followed Pak Reinsurance Corporation, Al-Jadeed Textiles, Modern Textiles and Lever Brothers, which suffered fall ranging from Rs4 to Rs14.

Trading volume fell to 117 million shares owing to a long weekend ahead, but gainers held at fair lead over the losers at 173 to 127, with 71 shares holding on to the last levels.

Hub-Power led the list of actives, easy five paisa at Rs25.40 on 25m shares followed by PTCL, lower by the same amount at Rs19.80 on 21m shares, ICI Pakistan, up Rs1.70 at Rs56.15 on 10m shares, PSO, lower 75 paisa at Rs163.50 on 6m shares an Sui Northern, steady by five paisa at Rs14.60 on 5.361m shares.

Other actives were led by National Bank, up 70 paisa on 10m shares, followed by Dewan Salman, higher 50 paisa on 7m shares, Pakistan PTA, firm by 15 paisa on 5m shares, Engro Chemical, off 80 paisa on 3m shares and D.G. Khan Cement, up 25 paisa also on 3m shares.

FUTURE CONTRACTS: Hub-Power led the list of actives, easy five paisa at Rs25.40 on 3.602m shares followed by PTCL, unchanged at Rs19.90 on 1.515m shares and PSO, off 70 paisa at Rs164.20 on 0.723m shares.

ICI Pakistan attracted strong support and rose to finish with a smart rise of Rs1.65 at Rs56.15 on 0.535m shares, while all others finished on a mixed note.

DEFAUTING COMPANIES: Trading activity on this counter also spread to over a dozen shares as investors remained busy in picking up low-priced shares both on the ready and this counters. Prices rose without any deal in some of the shares.

Allied Motors came in for active support and rose by 55 paisa at Rs5.30 followed by Crescent Spinning, easy 25 paisa at Rs4.50 and Gammon Pakistan, higher 45 paisa at Rs14 on 500 shares.