KARACHI, March 8: The KSE 100-share index on Monday posted highest-ever single-session gain of 355 points or four per cent and analysts said it could well be a prelude to its virtual run-up to its new chart level of 10,000 points not in a very distant future.

But they said the recent risk management directives issued by the SECP to the bourses could have a negative impact on the current boom conditions as it will prove a double-edged weapon in the hands of leading operators to use it depending on their perceptions and time-frame and small investors should be cautious before going all-out for the recommended shares.

The index ended the day with a gain of 355.20 points or four per cent at 9,218.68 points, and reinforced investor perceptions that the index level of 10,000 points now could be its short-term target. The prevailing objective conditions both on the corporate and political fronts will perhaps guide the future direction of the stock market.

"Bourses-friendly Prime Minister has been in the city for the last two days and leading bulls do not let this opportunity pass without creating new records and welcomed him with an all-time single session rise in the index", some brokers said.

Bulk of the support again remained confined to OGDC, PSO and PTCL, which together hold a weightage of 48 per cent plus and take the index where they like it to just in an hour's trading.

The speculative buying euphoria in the trio was so strong that the KSE authorities have to apply circuit-breakers in all of them to forestall further increase in prices, brokers said.

While PTCL posted a fresh gain of Rs4.80, OGDC and PSO set new records after having risen by Rs9.90 and Rs33 and that reflects there were buyers at the peak levels and tried to grab their floating stocks irrespective of price tag.

"The market's sustained speculative rise in each session is beyond the scope of analysts' comments," says a leading stock analyst "it appears to be a straight fight between the bulls and the bears and under squeeze are the trio - PTCL, OGDC, and PSO."

"Although there is no evidence of presence of strong foreign buying in PTCL and PSO ahead of their sell-off before June this year, but it could not be ruled out as locals have not the courage to push them to the current levels or possibly above them in the coming sessions".

Apart those which are daily subjected to circuit-breakers, other leading gainers were led by Noon Pakistan, Rafhan Maize, Atlas Honda, Attock Refinery, National Refinery, Gatron Industries, and Treet Corporation were prominent, up by Rs10 to Rs20.

Losers were led by Berger Paints, Suzuki Motors, Attock Petroleum, Indus Dyeing, Aventis and AKD Securities, off Rs6 to Rs19.95. Others fell modestly. Trading volume, therefore, rose further to 919m shares from the previous 767m shares and for the first time after several lean sessions gainers managed to force a slight edge over the losers at 165 to 162, with 59 shares holding on to the last levels.

PTCL again massively traded on a judicious blend of both local and foreign buying and was quoted sharply higher by Rs4.80 at Rs84.30 on 301m shares followed by OGDC, higher by Rs9.980 at Rs148.40 on 204m shares, D.G.Khan Cement, lower Rs1.55 at Rs72.30 on 65m shares, National Bank, up by Rs5.60 at Rs148.75 on 60m shares and PSO, sharply higher by Rs33 at Rs473 on 51m shares.

Other actives included Bank of Punjab, up by Re1 on 30m shares, Pakistan Oilfields, higher by Rs8.90 on 28m shares, Fauji Cement, easy 30 paisa on 25m shares, Hub-Power, up by Rs1.35 on 23m shares and Lucky Cement, off Rs1.65 on 15m shares.

FORWARD COUNTER: OGDC led the list of actives, up by Rs9.35 at Rs153 on 131m shares followed by PTCL, higher by Rs4.25 at Rs84.75 on 121m shares and PPL, up by Rs1.70 at Rs270.20 on 63m shares. Others also rose under the lead of PSO, sharply higher by Rs33.30 at Rs477.45 on 24m shares followed by ICI Pakistan and some others.