KARACHI, Feb 8: Stocks on Thursday posted fresh widespread gains across a broad front as investors continued to build-up long positions on selected counters amid a heavily traded session.

The rumours about the surging foreign portfolio buying appear to be the chief stimulants behind the fresh run-up in an overbought market and local investors were not inclined to miss the bandwagon, although their buying was leveraged-based, which worry some analysts.

The KSE 100-share index posted a fresh gain of 139.01 points at 11,867.09 as compared to 11,728.08 a day earlier, reflecting the strength of some leading base shares. The KSE 30-share index also rose by 241.95 points at 15,134.30.

PTCL topped the list of most actives on judicious blend of local and Dubai-based buying. It rose by Rs2.80 at Rs59 on 45m shares. For the first time since the Dubai-based Etisalat purchased its controlling shares at Rs117 per share some two years back, it has shown smart rallies from the low of Rs40 during the last couple of weeks.

Leading oil shares, including Pakistan Petroleum, Pakistan Oilfields, D.G. Khan Cement and Lucky Cement followed them.

“The situation is, however, fraught with high risks despite the bull-run as the current run-up is overdone in technical terms and the market is ripe for a massive correction,” analysts fear.

A technical correction was long overdue after a sustained run-up for the last six weeks, which added over 2,000 points to the KSE 100-share index in between, inching toward its pre-reaction level of above 12,000 points, they said.

Corporate announcements are on the higher side of the investor perceptions, foreign support is there on selected counter but no one is taking into account the expected negative fallout of terrorist attacks on higher security zones, some others said, adding “bears are around and could make them an excuse to reinforce their point leading to unloading”.The last session of the week on Friday is expected to give a clear signal about the future market trend, although a leading analyst predicts “the market run-up could end by March as by that time most of the dividend announcements would dry up,” they added.

But one thing appears certain that the index level above 12,000 points could be regained possibly by the end of the current month after a series of corrections.

Plus signs again dominated the list under the lead of Jahangir Siddiqui Capital Market Fund and Unilever Pakistan, up by Rs10.25 and Rs50, followed by Jahangir Siddiqui & Co, Allied Bank, IGI Insurance, Pakistan Oilfields, Pakistan Cables, Engro Chemical, Clariant Pakistan, ICI Pakistan, Treet Corporation and Berger Pakistan, up by Rs5 to Rs9.95.

EFU Life Assurance and Wyeth Pakistan were leading among the losers, off Rs14.35 and Rs10.05. Other actives were led by Shell Gas, Sapphire Fibre, Colgate Pakistan and Packages, off Rs4 to Rs8.95.

Trading volume rose to 467m shares from the previous 391m shares as gainers topped losers by 191 to 128, with 50 shares holding on to the last levels.

Apart from PTCL, the most active list was topped by OGDC, steady by 20 paisa at Rs130.20 on 39m shares followed by D.G. Khan Cement, up by Rs3 at Rs84.30 on 35m shares and Pakistan Petroleum, firm by Rs1.50 at Rs275.50 on 26m shares.

Fauji Fertiliser Bin Qasim, steady by 20 paisa at Rs33.80 on 25m shares, National Bank, higher by Rs2.80 at Rs297.80 on 21m shares and Pakistan Oilfields, up by Rs5.95 at Rs373.95.

Other actives were led by Bank of Punjab, up by 60 paisa on 20m shares, Lucky Cement, firm by Rs1.05 on 19m shares and Fauji Cement, up by 35 paisa on 14m shares.

FORWARD COUNTER: PTCL also led the list of actives on this counter and rose by Rs2.80 at Rs59.05 on 11m shares followed by D. G. Khan Cement, higher by Rs2.95 at Rs84.75 on 9m shares and OGDC, firm by 50 paisa at Rs131 also on 9m shares.