KARACHI, Jan 4: Active buying in oil shares featured the Wednesday’s stock market where other leading shares also performed credibly well on strong follow-up support.

Trading remained fairly brisk throughout the session as a section of investors rolled positions from one counter to the other where the potential of capital gains was much higher.

The KSE 100-share index virtually ran to its next target of 10,000 supported by heavy buying in oil shares in response to higher international oil prices and renewed covering purchases on the bank counter.

It breached through the barrier of 9,800 and was last quoted close to its next chart point of 9,900, up 86.41 points at 9,853.31 on the strength of leading base shares under the lead of OGDC, Pakistan Petroleum and Pakistan Oilfields, which showed sharp gains.

Unlike the previous sessions, cement shares did not join the new year bull-run and the rally was largely aided by energy and banks’ shares followed by stray buying in fertiliser and some of IT shares.

Although the correction is overdue before the long weekend ahead on account of Eid holidays, bulls seem to be inclined to take a breather after having touched the previous all-time high level of 10,300 points, brokers said.

But there appeared to be no possibility of major shake-up at this stage as the market is expected to stay bullish in line with the other Asian markets aided by some positive basic fundamentals and economic indicators, they added.

“The index is expected to fluctuate between 8,000 and 12,000 points during the current year,” predicts a leading broker adding, “Only terribly bad news could cause massive jolts in it and not the routine un-loadings.”

Analysts said the market seems to have already absorbed the negative fallout of the tension on the Kalabagh dam issue and the Balochistan situation and future outlook appeared to be quite promising despite reports of expected fall in the GDP.

“There is a lot of idle funds around and they are expected to find their way into the share business lured by the positive new year opening,” they added.

Leading gainers were led by Adamjee Insurance, Jahangir Siddiqui & Co, EFU General, Attock Refinery, Shell Pakistan, Clariant Pakistan, Thal Corporation, Artistic Denim, Pak-Suzuki Motors-up Rs6 to Rs10.50.

But largest gains of Rs17.65, 12.55, 14.05, 39.75 and 88.25 were noted in Pakistan Oilfields, Dawood Hercules, National Refinery, Wyeth Pakistan and Unilever Pakistan.

Losers were led by Attock Petroleum, PNSC, Bata Pakistan, Jahangir Siddiqui, Mitchell’s Fruits and Shezan International, off Rs2 to Rs10.

Trading volume was around the previous level of 415 million shares, while gainers maintained a strong lead over the losers at 201 to 177, with 41 shares holding on to the last levels.

The most active list was topped by MCB, higher by Rs3.50 at Rs178.50 on 44m shares followed by OGDC, up Rs1.50 at Rs121.10 on 34m shares, Bank of Punjab, higher by Rs1.45 at Rs105.60 on 28m shares, Pakistan Petroleum, firm by Rs9.10 at Rs219.60 on 27m shares and Sui Southern Gas, higher by Rs1.35 at Rs28.70 on 20m shares.

Other actives were led by PTCL, off 65 paisa on 20m shares, Pakistan Oilfields, higher by Rs12.55 on 19m shares, National Bank, steady by 65 paisa on 18m shares, Fauji Fertiliser, easy five paisa on 17m shares and D.G.Khan Cement, firm by 10 paisa on 17m shares.

FORWARD COUNTER: Pakistan Petroleum led the list of actives, higher by Rs9.20 at Rs222.55 on 14m shares followed by MCB, up Rs4.70 at Rs181 on 13m shares, and Bank of Punjab, higher by Rs1.45 at Rs107.15 on 10m shares.