KARACHI, April 18: Stocks finished the weekend session on a bullish note amid active short-covering almost on all the blue chip counters ahead of some important board meetings and market talk of higher payouts.

The Karachi Stock Exchange 100-share index soared to its new career-best level so far at 15,676.34, up 54.04 points after having missed the peak of 15,700 just by six points at 15,693.92.

It was a very unusual performance as market generally attracts a lot of profit-selling at the weekend session as small investors and some punters liquidate long positions owing to risk involved during the intervening closures.

The KSE 100-share index closed the weekend session at its so far all-time peak level at 15,676 points as investors were not inclined to entertain analysts’ view that a technical correction is overdue in a highly overbought market and they should play safe.

The fresh increase in petroleum prices by Rs3 per litre is a bad news after world oil prices touched the peak level of $115.5 as it will have a chain of negative impact on economy, including cost of production, but stock traders seemed to be in no mood to be deterred by it at least for the time being.

On second thoughts, it will take its toll possibly by the next week, notably on the industrial sector.

For the fifth straight session throughout the week, the 100-share index did not look back and surpassed previous all-time high the very next day and finally closed the week at its new career-best level so far.

It ended the week at 15,676.34 points, the week’s total tally being well over 300 points and indications are that it may undergo a modest technical correction on Monday or Tuesday before resuming its upward drive.

“I don’t foresee any major shock before the index hits its new target of 16,000 points,” said a leading broker, adding: “what next is anybody’s guess.”

Analysts said the chief driving force behind the sustained rise in the index appears to be heavy covering purchases in the leading base shares, most of which still ensure higher capital gains.

“The important factor is that some leading foreign investors have joined the locals and punters, accelerating the pace of buying euphoria,” they said.

Plus signs dominated the list as many blue chips again closed around the upper locks under the lead of Arif Habib Ltd, Admjee Insurance, Central Insurance, EFU Life and EFU General, Pak Reinsurance Co, Sapphire Fibres, Mari Gas, Pakistan Engineering HinoPak, Ferozsons Lab, Sanofi-Aventis, Lakson Tobacco, Shell Gas and Dawood Hercules, which posted gains, ranging from Rs10.30 to Rs23.90. But largest gains of Rs49 and Rs60 were noted in Siemens Pakistan and Wyeth Pakistan.

Losses on the other hand were mostly fractional, barring Engro Chemical, Murree Brewery, BOC Pakistan, Attock Petroleum, Shell Pakistan and Fazal Textiles, which fell by Rs3 to Rs20.40.

Trading volume showed a modest decline at 285 million shares but gainers held a strong lead over losers at 215 to 129, with 34 shares holding on to the last levels.

The most active list was again topped by Nishat Mills, higher by Rs1.45 at Rs134.25 on 21 million shares, followed by Arif Habib Securities, higher by Rs3.50 at Rs188.50 also on 21 million shares, OGDC, up by one rupee at Rs138.80 on 17 million shares, D G Khan Cement, off 85 paisa at Rs118 on 16 million shares and Fauji Fertiliser Bin Qasim, steady by five paisa at Rs41.30 also on 16 million shares.

Other actives were led by Lucky Cement, up 80 paisa at Rs147 on 14 million shares, Azgard Nine, higher by Rs3.45 at Rs94.15 on 13 million shares, Sitara Peroxide, up Rs3.75 at Rs79.35 on 12 million shares Pervez Securities, higher by Rs4.20 at Rs88.30 on 11 million shares and Maple Leaf Cement, firm by70 paisa at Rs21.25 on nine million shares.

FORWARD COUNTER: Sitara Peroxide led the list of actives on the cleared list, up by Rs3.80 at Rs80 on nine million shares, followed by Nishat Mills, firm by Rs1.50 at Rs134.60 on seven million shares, and Azgard Nine, higher by Rs4.50 at Rs94.60 also on seven million shares.

Arif Habib Securities followed them, higher by Rs3.50 at Rs189 on five million shares and D G Khan Cement, lower by 40 paisa at Rs117.85 also on five million shares.

DEFAULTER COs: Zeal Pak Cement led the list of actives on this counter, off 55 paisa at Rs6.60 on 4.612 million shares, followed by Norrie Textiles, lower by 45 paisa at Rs3.05 on two million shares, National Asset Leasing, steady by five paisa at Rs1.10 on 0.811 million shares, and Mukhtar Textiles, up 50 paisa at Rs2.10 on 0.560 million shares.

Invest Capital Bank followed them, lower by 40 paisa at Rs5.40 on 0.334 million shares, Cres Standard Modaraba, up 35 paisa at Rs2.05 on 0.204 million shares and S S Oil, higher by one rupee at Rs15.65 on 104 million shares.