KARACHI, Nov 23: Stocks finished the weekend session on a bullish note as investors continued to build-up long positions in oil shares at the current levels followed by analysts’ predictions of higher capital gains and payouts. The KSE 100-share index added another 189.32 points or 1.40 per cent to the overnight total and stood firm at 13,732.19.

The rally was essentially led by the oil explorations companies followed by some OMCs on the perception that the removal of price ceiling of $50 per barrel and higher world prices could significantly add to their annual earnings.

Leading shares under the lead of insurance sector came in for active short-covering at the lower levels and generated a good bit of sympathetic buying on the other counters where the potential of capital gains was almost ensured, analysts said.

Investors seemed to be in no mood to take a bearish view of some of the positive developments on the political front, notably move for national reconciliation and the weekend rally demonstrates in more than one ways the optimism linked to them, they added.

The KSE 100-share index posted a fresh good gain of 189.32 points or 1.40 per cent at 13,732.19 as compared to 13,542.87 a day earlier and significantly added to the previous gains netted over the week. The market capital soared by Rs106.483bn at Rs4,240.950bn.

The KSE 30-share index on the other hand showed a bigger rise of 306.35 points at 16,528.53 points or about two per cent.

Leading oil and index heavy weights led the market advance on strong covering at the still lower levels, Pakistan Petroleum, Pakistan Oilfields, OGDC and PSO being the forefront of trend setters.

The presence of strong support on selective counters for the last couple of sessions reflects that investors were back in the market on the perception that sailing on the political front may be a bit smooth in the pre-elections weeks, analysts said.

A loud whispering about the arrival of Sharif brothers will certainly heat up the political scenario, they said adding “but there would a judicious balance in the post-election power structure”.

But some others said the market would await some other developments on the political front after the president takes oath for the second term possibly by the next week.

However, the absence of foreign investors would continue to be an inhibiting factor for those who generally follow their line of action in day-to-day trading.

Wyeth Pakistan and Siemens Pakistan were leading among the gainers, up by Rs25 and Rs74, followed by Mirpurkhas Sugar, Adamjee Insurance, EFU General and Life, Attock Petroleum, PSO, Shell Pakistan, Shezan International Pakistan Oilfield, Al-Ghazi Tractors and Tri-Pack Films and IGI Insurance, which were quoted higher by Rs10 to Rs18.90. There were several other good gainers also rising by Rs7 to Rs9.50.

National Foods and HinoPak Motors led the list of losers, off by Rs9 each. Other losses were mostly fractional barring JS & Co, JS Global, Indus Motors and Noon Pakistan, lower by Rs3 to Rs4.

Trading volume showed a modest rise at 252m shares from the previous 232m shares as gainers held a strong lead over the losers at 245 to 96, with 35 shares holding on to the last levels.

The most actives list was again topped by OGDC, up by Rs2 at Rs122.95 on 29m shares followed by Pakistan Oilfields, sharply higher by Rs14.50 at Rs349.50 on 16m shares, Pakistan Petroleum, higher by Rs6.05 at Rs261.75 on 13m shares, Bank of Punjab, firm by Rs2.20 at Rs97.75 on 11m shares and Arif Habib Securities, steady by 85 paisa at Rs169.35 on 10m shares.

Engro Chemical followed them, up by Rs8.70 at Rs277.95 on 10m shares, PSO, higher by Rs14.80 at Rs422.80 on 8m shares, National Bank, higher by Rs3.30 at Rs240.50 on also on 8m shares, Nimir Chemical, up by 75 paisa on 9m shares and Fauji Fertiliser Bin Qasim, higher by 40 paisa on 8m shares.

FORWARD COUNTER: OGDC also led the list of actives on the cleared list and was marked up by Rs2.05 at Rs123.25 on 6m shares followed by Pakistan Oilfields, sharply higher by Rs13.70 at Rs348.90 on 5m shares and Pakistan Petroleum, up by Rs5.70 on 4m shares.

MCB followed them, higher by Rs10.30 at Rs364.50 on 4m shares and PSO, up by Rs12 at Rs420.50 also on 4m shares.

DEFAULTER COMPANIES: Japan Power came in for active selling and fell by five paisa at Rs8.10 on 1.880m shares followed by Zeal Pak Cement, higher by 10 paisa at Rs4.70 on 0.937m shares and Nazir Cotton, steady by five paisa at Rs1.70 on 0.202m shares.

Unity Modaraba came in for fresh support and was quoted higher by 10 paisa at Rs1.35 on 0.189m shares.