KARACHI, April 17: The stock market on Thursday remained in a bullish frame of mind as investors were not inclined to take a bearish view of the unfolding economic scenario partly on the strength of corporate earnings and partly to strong presence of foreign buying. The KSE 100-share index settled well above the barrier of 15,622.30, up 82 points.

The current price flare-up was further accelerated after the trading resumed as investors continued to build-up long positions on selected counters amid brisk activity.

The buying euphoria was also well-reflected in the KSE 100-share index, which is steadily edging to its new career best level each session on the strength of oil, cement, banking sectors and some leading blue chips on the other counters, notably Engro Chemical, and PTCL.

Its final finish well above the new record level at 15,622.20, up 81.95 points from the overnight close of 15,540.35, shows bulls are out to push it to the next target despite the fact that a technical correction is now overdue. The free-float 30-share index also rose by 47.59 points at 18,996.33.

Engro Chemical, Pakistan Oilfields, Nishat Mills, D.G. Khan Cement, PTCL and Bank Alfalah were leading among the top gainers and together significantly contributed to fresh rise in the index.

“No one could deny the fact that a correction is now overdue,” said a leading analyst Hasnain Asghar Ali, adding: “but I don’t think it could be massive in the prevailing bull-run.”

The index has risen exactly by 200 points during the last four sessions and the weekend session could attract selling both from the short dealers and weak holders and some leading operators but it should be normal, he said.

Board meetings of three leading oil companies, notably Shell Pakistan, National Refinery and Attock Petroleum were in session Wednesday, which also influenced the underlying sentiment bullishly on the assumption of higher payouts.

Another leading analyst Faisal A. Rajabali says apart from the end of the political uncertainty, the market direction by now is guided by reports of higher corporate earnings and ignoring the talk of end of exemption on capital gains tax or cut in corporate tax on listed companies in the new budget. Plus signs again dominated the list under the lead of Pakistan Reinsurance Co. and AKD Capital, up by Rs33.55, and Rs29.95, respectively. Other notable gainers, included Dawood Lawrence, Central Insurance, Attock Petroleum, PSO, Lakson Tobacco, Mari Gas, Indus Motors, BOC Pakistan, Ferozsons Lab, Colgate Pakistan, Clariant Pakistan, National Foods and Dawood Hercules, which posted gains ranging from Rs7 to Rs22.75.

Siemens Pakistan and Pakistan Engineering were leading among the losers, off Rs69 and Rs17, respectively, followed by Dadex Eternit, JS & Co, Sapphire Fibres, HinoPak, Sanofi-Aventis, Millat Tractors, and Mitchell’s Farm, which fell by Rs5.85 to Rs10.70.

Trading volume rose further to 290m shares from the previous 268m shares as gainers forced strong lead over the losers at 233 to 113, with 31 shares holding on to the last levels. Nishat Mills topped the list of actives, sharply higher by Rs6.30 at Rs132.80 on 23m shares on reports of higher dividend, followed by D.G. Khan Cement, up Rs3.75 at Rs118.85 also on 23m shares, Bank of Punjab, steady by 45 paisa at Rs62.70 on 16m shares, Bank Alfalah, higher by Rs1.10 at Rs55.60 also on 16m shares, and Engro Chemical, up 5.55 at Rs373.75 on 13m shares.

Other actives were led b Pakistan Oilfields, up Rs3.45 at Rs410.90 on11m shares, Fauiji Fertiliser Bin Qasim, steady by 45 paisa at Rs41.25 on 9m shares, PTCL, higher by 95 paisa at Rs50.35 also on 9m shares, Azgard Nine, higher by Rs4.25 at Rs89.70 on 10m shares, and Pak PTA, steady by 10 paisa at Rs5.25 on 9m shares.

FORWARD COUNTER: D.G. Khan led the list of actives on this counter, up Rs2.45 at Rs118.25 on 7m shares, Nishat Mills, higher by Rs6.30 at Rs133.10 on 6m shares, Bank of Punjab, firm by 60 paisa at Rs63 also on 6m shares. Azgard Nine followed them, higher by Rs4.25 at Rs90.10 on 5m shares and Sitara Peroxide, up Rs3.60 at Rs76.20 also on 5m shares.