KARACHI, Dec 10: Stocks on Monday remained in a bullish frame of mind as investors were not inclined to take even a technical breather long overdue in the backdrop of market’s sustained run-up during the last couple of weeks.

Trading resumed on a bullish note as despite a good bit of profit-taking at the inflated levels, leading shares on the oil and banking counters managed to finish with an extended gain.

After having touched the session’s high in early trading at 14,614.02, the KSE 100-share index later finished with a clipped gain of 97.74 points at 14,571.64 as compared to previous 14,473.90 at the last weekend. The KSE 30-share index on the other hand rose by 135.43 points at 17.520.48.

Among the leading base shares, which gave a fresh boost to the index were OGDC, Pakistan Petroleum, National Bank, MCB, Arif Habib Securities and Engro Chemicals.

Although the last week’s buying euphoria showed signs of a slowdown on technical grounds but the underlying sentiment signals that the current run-up is not yet overdone, analyst Ahsan Mehanti believes.

“The worries over the election results are there but the perception that it is being held as scheduled reinforced the investor confidence that the sailing now will be smooth,” he added.

Another leading analyst Ashraf Zakaria said the market is expected to keep its current stance before the Eid holidays despite the fact that some of the weakholders may indulge in profit-selling at the higher levels.

Analyst Hasnain Asghar Ali said investors’ focus was on election results and continuation of the current financial and economic policies of the future political set up. The presence of foreign buying has given credence to a loud whispering that the post-election scenario could be normal for the capital markets”.

That is perhaps why the market maintained its upward drive on active follow-up support on the bleu chip counters.

Leading gainers were again led by JS & Co and Bata Pakistan, up by Rs38.25 and Rs24, followed by Shell Gas, KSB Pumps, MCB, EFU Life, Atlas Honda, Siemens Pakistan, Sanofi-Aventis, AKD Securities, Arif Habib Ltd, Javed Omer, Central Insurance Exide Pakistan, Dawood Hercules and JS Global, up by Rs7 to Rs20.10.

Prominent losers were led by Wyeth Pakistan and Rafhan Maize, off by Rs60 and Rs35. They were followed by Thal Jute, HinoPak Motors, Pak-Suzuki Motors, ICI Pakistan, Clariant Pakistan, Packages, Sitara Chemicals and Colgate Pakistan, which suffered fall ranging from Rs6 to Rs25.

Trading volume on the other hand showed sharp decline at 255m shares as compared to 313m shares at the last weekend, but gainers held a strong lead over the losers at 202 to 162, with 39 shares holding on to the last levels.

Arif Habib Securities topped the list of actives, up by Rs2.80 at Rs176.30 on 21m shares followed by OGDC, firm by Rs1.10 at Rs127.10 on 16m shares, Pakistan Petroleum, up by Rs2.80 at Rs257.75 on 13m shares, Bank of Punjab, higher by Rs1.35 at Rs104.10 on 12m shares, National Bank, higher by Rs1.55 at Rs250.30 on 9m shares and Engro Chemical, higher by Rs2.80 at Rs280.50 on 8m shares.

Other actives were led by Javed Omer, sharply higher by Rs7.25 at 11m shares followed by NIB Bank, lower 35 paisa on 10m shares, Pervez Ahmed Securities, higher by Rs1.70 on 9m shares and D.G. Khan Cement, lower 50 paisa on 7m shares.

FORWARD COUNTER: Bank of Punjab led the list of actives on this counter, higher by Rs1.10 at Rs104.60 on 6m shares, followed OGDC, higher by Rs1.10 at Rs125.95 on 6m shares and MCB, up by Rs6 at Rs407.50 on 4m shares.