KARACHI, Mar 7: Heavy late selling in Hub-Power and PTCL on Thursday slowed down the market’s forward thrust, but the underlying sentiment did not show that the current run-up is overdone. The KSE index finished with clipped gains of 6.30 points at 1,835.12 in a massive volume of 300 million shares.

The selling in Hub-Power was attributed to active unloading by the punters as they want to get out of its fold partially before it was put on the spot list.

The profit-taking in PTCL appears to be sympathetic as a section of investors is trying to push its price lower before privatization to build-up long positions at the lower levels.

The KSE 100-share index at one stage was up by 30 points, breaching through the support level of 1,850 and sending signals that its next chart point could by 1,900, but massive institutional unloading in Hub-Power ahead of its spot trading restored sanity to the speculative run.

It finally ended at 1,835.32 as compared to 1,828.82, showing a rise of 6.50 points, reflecting the strength of other leading base shares, including PTCL and PSO.

Technical corrections here and there notwithstanding, the market has more than one reasons to maintain its upward drive. Positive economic perceptions apart what seems have become driving force behind the current run-up is the investor confidence in the share business.

“Revision of dealer margins of oil marketing companies may not be imminent, they are certainly on cards as is reflected by active buying in PSO and Shell Pakistan,” stock analysts at the Moosani Securities say.

Analysts at the Ali Husain Rajabali Securities say that the strength of Hub-Power despite being spot will continue to guide the market direction as general investor has crept in its domain.

“Most of genuine investors both local and foreign are now after its share outwitting the punters as it has more chances of capital appreciation than many other now under speculative squeeze,” they said. And added it are reports of early sell-off of PSO and PTCL and five per cent shares of Habib Bank, which could intensify the current run-up, floor brokers said.

Energy sector again led the market advance under the lead of PSO and Shell, which posted fresh gains ranging from Rs2 to Rs3.90 followed by Javed Omer, National Bank, Crescent Steel, Al-Ghazi Tractors, Atlas Honda, Fateh Industries Sapphire and Mehmood Textiles, and Lever Brothers which rose by Rs1.45 to Rs9.

Losers were led by Al-Azhar Textiles, Al-Abbas Sugar, 9th ICP Fund, Adil Textiles, Accord Textiles and Dewan Khalid Textiles, which suffered fall to the extent of one rupee to Rs1.55.

Trading volume rose to 300m shares from the previous 243m shares as gainers maintained a strong lead over the losers at 140 to 79, with 47 shares holding on to the last levels.

The most active list was topped by PTCL, lower 15 paisa at Rs20.20 on 88m shares followed by Hub-Power, easy also by 15 paisa at Rs29.25 on 68m shares, Sui Northern, firm by 50 paisa at Rs15.25 on 41m shares, KESC, up 25 paisa at Rs7.70 on 23m shares and FFC-Jordan Fertiliser, easy by 45 paisa at Rs5.95 on 12m shares.

D.G. Khan Cement was again actively traded, firm by 30 paisa on 7m shares, ICI Pakistan, off 80 paisa on 6m shares, Sui Southern, up 60 paisa on also on 6m shares, National Bank, higher by Rs1.45 on 5m shares and Maple Leaf Cement, steady 10 paisa on 4.814m shares.

FUTURE CONTRACTS: Barring PSO, which rose further by Rs3.35 at Rs156.70, on 3.088m shares, others showed mixed trend amid fractional price changes.

Hub-Power came in for strong buying as investors shifted their buying operations from the ready to the forward counter as it is being spot from tomorrow. It rose by five paisa at Rs26.10 on about 13m shares followed by PTCL, lower five paisa at Rs20.40 on 5.348m shares and Sui Northern, up 50 paisa at Rs15.35 on 2m shares.

DEFAULTER COMPANIES: Allied Motors came in for active buying and was marked up by 20 paisa at Rs4.90 on 11,000 shares followed by Metropolitan Steel, lower 15 paisa at Rs3 on 1,500 shares and Norrie Textiles, unchanged at Re0.50 on 500 shares.

DIVIDEND: Premium Textiles cash 12.5 per cent, Sunrays Textiles 25 per cent, Gulshan Spinning 11 per cent, Noon Textiles 10 per cent, Fazal Cloth Mills, 17.5 per cent, Olympia Spinning, Weaving Mills 25 per cent and Idrees Textiles, right shares at 20 per cent.