KARACHI, Feb 14: The dividend-linked rally on Thursday manifested itself in a big way as a section of leading investors opted for index-heavyweights under the lead of National Bank, OGDC and PTCL amid an actively traded session.

An idea of buying flurry may well be had from the fact that the KSE 100-share index finished at the session’s peak level of 14,283.06, up 167.17 points or 1.18 per cent, adding about Rs45 billion to the market capital at Rs4,405 billion or $70 billion.

“I doubt investors really celebrated the Valentine’s Day with such a vigour and enthusiasm or it were the foreign positive comments on the post-election stock market,” said a leading analyst Hasnain Asghar Ali, adding “but I am still guessing from where the ghost buyers are flooding the market.”

But another leading analyst Ashraf Zakaria thinks higher dividend news and bonus shares coming in each session appear to the chief motivating factor behind the current technical surge.

While board meetings of PSO and MCB Bank are due tomorrow, Habib Bank has announced cash and bonus shares at the rate of 40 and 10 per cent, respectively, followed by Al-Ghazi Tractor, final at 150 per cent (interim 200 per cent already paid, and Tri-Pack Films, final cash 60 per cent (interim 40 per cent already paid. All the news were on the higher side of the market expectations.

Floor brokers said announcements from the both are expected to be on the higher side, but they may not be in a position to generate fresh buying as Friday will be the last pre-election session, which could prompt a lot of profit-selling owing to risk involved during the post-election trading sessions.

But some others predict sharp increase in the turnover figure well above the respectable mark of 300 million shares tells a different story, which may lead to continuation of the rally.

Top gainers included EFU Life and AKD Capital, up by Rs28.65 and 31.30, followed by Sapphire Fibre, Pak-Suzuki Motors, Indus Motors, Exide Pakistan, Pakistan Tobacco, Shell Gas, and National Bank, which posted gains, ranging from Rs5 to 14.20.

National Foods and Siemens Pakistan were leading among the losers, off Rs22.25 and Rs46.95. Other major losers were led by Gatron Industries, Pakistan Refinery, KSB Pumps, Al-Ghazi Tractors, BOC Pakistan, Tri-Pack Films on post-dividend selling, Pakistan Services and Pakistan Engineering, off by Rs5 to 15.40.

Trading volume soared to 339 million shares from the previous 281 million shares as gainers held a modest lead over losers at 172 to 155, with 51 shares holding on to the last levels.

The Bank of Punjab topped the list of actives, higher by Rs1.45 at Rs96.90 on 25 million shares, followed by the National Bank, sharply higher by Rs11.55 at Rs242.90 on 24 million shares, D G Khan Cement, up Rs3.55 at Rs98.90 on 19 million shares, PTCL, higher by Rs1.45 at Rs40.45 on 17 million shares, Bank Al-Falah, steady by 45 paisa at Rs58.50 on 12 million shares, OGDC, higher by Rs1.70 at Rs121.20 on 11 million shares and Arif Habib Securities, up 45 paisa at Rs179.80 also on 11 million shares.

Other actives included Fauji Cement (right shares), lower by 10 paisa on 35 million shares, followed by TRG Pakistan, up 35 paisa at Rs13.40 on 19 million shares and NIB Bank, easy by 25 paisa at Rs22.05 on 11 million shares.

FORWARD COUNTER: National Bank came in for strong support and led the list of actives, up by Rs11.60 at Rs243.70 on eight million shares, followed by Bank of Punjab, higher by Rs1.40 at Rs97 on five million shares and D G Khan Cement, firm by Rs2.50 at Rs99.10 on four million shares.