KARACHI, Nov 12: The PTCL-led rally was sustained on the stock market on Friday as investors continued to build up long positions on selected counters aided by market talk of a sustained bull-run during the post-Eid holiday trading sessions. The KSE 100-share index gained another 56.43 points at 5,484.88, adding Rs14bn to the market capital at Rs1,520.785bn.
Stocks finished the pre-holiday and last session of the holy month of Ramazan on a terribly bullish note, sending waves of optimism in the rings about the post-Eid holiday trading scenario amid talk of a fresh buying euphoria.
All eyes again remained focussed on the PTCL, which again led the market advance amid heavy buying and topped the list of actives, up by another Rs1.05, the total rise during the last two sessions being Rs2.10.
The KSE 100-share index finished with an extended gain of 56.43 points at 5,483.88 aided by fresh strong buying in the PTCL and some other leading base shares, signalling its next target of 5,500 is not now that far off.
"There is a talk of index level of 6,000 during the post-Eid holiday trading and bulls are not inclined to take even a technical breather as one among them is inclined to miss the rising market," analysts said.
It is very rare that the market roars to fresh higher levels despite a long weekend ahead, which generally attracts a lot of selling by all and sundry, they said adding "the sustained run-up points to some major change in the investor psychology based on some inside information."
The announcement of the sell-off timetable of the telecom giant PTCL that is within the next six months, seems to have changed the entire future share business outlook, analysts said adding if the post-announcement heavy buying in it is any indication, bulls have already redefined their future buying strategy.
The government has announced a partial (26 per cent controlling shares) sell-off of its stake to some strategic investors, which in turn evoked strong buying in it and some other telecom shares.
"The market witnessed a lot of insider trading by some of the leading punters prior to the Islamabad meeting chaired by the president about its sell-off timeframe," says a leading broker adding "well-informed among the investors cashed in on the news."
The last session preceding the three Eid holidays, with Saturday and Sunday being official closures, was in a sense a bullish one as investors adjusted their portfolios on selected counters rather than making any big fresh commitments.
Earlier, in a short session, some of the leading financial investors and punters took terribly selective positions on the blue chips counters, which allowed the market to avert major fall despite hasty selling by some of the speculative traders, brokers said.
Telecom, cement, energy, banks, fertilizer and blue chips on other counters remained in strong demand and mostly ended higher and so did some second liners, having potential of capital gains in the current run-up were actively sought after sectors.
Aventis, Ferozsons Lab, Pakistan Services, EFU Life, Shell Pakistan and Siemens Pakistan were among the top gainers, up by Rs9 to Rs30 followed by Metropolitan Bank, Sapphire Fibre, Noon Sugar, Lakson Tobacco, Engro Chemical, Mitchell's Fruits, Noon Pakistan and Artistic Denim, up by Rs4 to Rs9.
Losers were led by Atlas Honda, Clariant Pakistan, Rafhan Bestfoods, and Abbott Lab, off Rs5 to Rs14.95, while other losses were fractional. Trading volume rose to 218m shares from the previous 189m shares as gainers maintained a strong lead over the losers at 182 to 91, with 43 shares holding on to the last levels.
PTCL again topped the list of actives, up Rs1.05 at Rs39.85 on 38m shares, Fauji Fertilizer Bin Qasim, higher by 50 paisa at Rs22.30 on 23m shares, OGDC, up 30 paisa at Rs66.60 on 18m shares, Pak PTA, firm by 25 paisa at Rs12.15 on 15m shares, Nishat Mills, higher by Rs1.15 at Rs52.95 on 12m shares and Bank of Punjab, up 80 paisa at Rs60.35 on 11m shares.
Other actives were led by Bosicor Pakistan, up 85 paisa on 11m shares, DG Khan Cement, firm by 40 paisa on 10m shares, Engro Chemical, higher by Rs4.50 on 9m shares and PIAC, up 55 paisa on 7m shares.
FORWARD COUNTER: PTCL again came in for active support and rose by one rupee at Rs40 on 10m shares followed by PPL, higher by 90 paisa at Rs120.20 also on 10m shares, OGDC, up 30 paisa at Rs66.85 on 4m shares, and Engro Chemical, sharply higher by Rs4.35 at Rs108.05 on 3m shares. Fauji Fertilizer Bin Qasim and some other also attracted good support and finished with extended gains.
DEFAULTER COS: Because of active trading in the ready section, investors remained busy here and did not opt for low-priced issues on the defaulter list. Stray business was, however, noted on selected counters amid fractional price changes.