KARACHI, Dec 6: Stocks on Thursday remained in a bullish frame of mind as investors continued building long positions at the current lower levels on the banking and oil counters amid an actively traded session. The KSE 100-share index added another 187.12 points or 1.32 per cent at 14,324.95.

The market advance was again led by the banking shares followed by reports that their managements were booking capital gains before the stipulated deadline of January 1, 2008 when capital gain tax may be effective, a leading analyst Hasnain Asghar Ali said, adding “there was, however, no dearth of ghost buyers at the prevailing sharply higher rates”.

The KSE 100-share index maintained its upward drive for the third session in a row as investors were not inclined to miss the rising market and capital gains and made fresh commitments amid price flare-up on selected counters.

It finished with an extended gain of 187.83 points or 1.32 per cent at 14,324.95 as compared to 14,137.83 a day earlier.

Its junior partner, 30-shares index on the other hand rose by 271.67 points at 17,220.75. Over the last three sessions, it had risen by 3.25 per cent, adding Rs118 billion to the market capital to Rs4.420 trillion, a hefty increase viewed by any standard, analysts said.

Massive rise of Rs19 in MCB followed by GDR-linked buying and other leading base shares, notably National Bank, OGDC, PTCL and Bank of Punjab were the chief contributors to the current index rise.

“A section of foreign investors is in the market and making selective covering purchases on the banking, oil and some other counters at the current lower levels,” the analysts said.

They, however, did not pinpoint any specific reason behind the revival of foreign demand.

But some others said despite a local political mess, the foreign investors might have found some cue to the future share market outlook and were back in the arena.

“The current lower levels, the talk of higher corporate earnings and good payouts are the chief motivating factors behind the current run-up,” some others said.

Plus signs maintained a strong lead over the minus ones under the lead of JS & Co and Wyeth Pakistan, up by Rs34.70 and Rs49. Other notable gainers included Arif Habib Ltd, JS Global, MCB, EFU Life, Pakistan Resource Co, Fazal Textiles, Lakson Tobacco, Shell Gas and Siemens Pakistan, which posted gains ranging from Rs11.60 to Rs29.

Prominent losers were led by Unilever Pakistan and Nestle Pakistan, off by Rs17.95 and Rs24 followed by Mirpurkhas Sugar, Pak-Suzuki Motors, Atlas Battery, Colgate Pakistan, Atlas Honda and Grays of Cambridge, off by Rs4 to Rs9.

Trading volume further expanded to 298m shares from the previous 274m shares as gainers topped losers by 225 to 121, with 43 shares holding on to the last levels.Bosicor Pakistan, an oil refining company, topped the list of actives, up by Re1 on reports of expansion at Rs20.30 on 22m shares followed by Arif Habib Securities, steady by Rs1.30 at Rs174.70 on 20m shares and Bank of Punjab, firm by 55 paisa at Rs102.50 on 13m shares.PTCL, higher by 75 paisa at Rs45.50 on 11m shares, OGDC, up by Re1 at Rs123.35 also on 11m shares and National Bank, higher by Rs145 at Rs246 on 8m shares.

Other actives were led by NIB Bank, up by 70 paisa on 12m shares, Azgard Nine Textiles, higher by Rs1.85 on 11m shares, JS Bank, steady by 30 paisa on 10m shares and TRG Pakistan, firm by 20 paisa also on 10m shares.

FORWARD COUNTER: MCB led the list of actives on this counter and was marked up by Rs19.10 at Rs401.10 on 7m shares followed by Bank of Punjab, firm by 65 paisa at Rs103.25 on 4m shares and National Bank, up by Rs1.55 at Rs247.85 also on 4m shares.