The KSE-100 index rose 101.39 points, or 1.17 percent to 8794.93 as compared with 8693.54 of Tuesday. The volume amounted to 481 million shares as against 464 million shares.
The market has gained 547 points during the last four days. Positive news flows regarding the PTCL privatisation issue strengthened investor sentiment. The telecom giant was the major contributor of Thursday''s upsurge in the market, soaring Rs 2.30 with volumes at 104 million shares. Significant spark was witnessed in leading banks like MCB, NBP and BoP, surging Rs 4.10, Rs 2.05 and Rs 0.65 respectively.
PSO, PPL and POL posted net increments at Rs 1.75, Rs 4.85 and Rs 1.50 respectively. Nonetheless, PSO and POL respectively closed 1.5 percent and 2.1 percent lower than their intra-day highs.
The index giant OGDCL posted increment at 0.3 percent. Nishat Group stocks, MCB and Nishat Mills were in the positive region while DG Khan Cement plunged 1.6 percent to close at Rs 98.95.
Cement stocks showed downward movement on account of profit-taking even though cement demand growth figures for October 2005 are expected to be higher. Lucky Cement, Fauji Cement and Maple Leaf declined 1.2 percent, 1.8 percent and 1.9 percent respectively.
Going forward, it is expected the market''s positive momentum to continue subject to a positive outcome on the PTCL-Etisalat front.
Tariq Haussain Khan research analyst at Atlas Investment Bank, said the index rode the wave produced by the positive news regarding expectations of an amicable solution to the PTCL-Etisalat dialogue.
There were rumours floating in the market that all issues had been resolved except for the listing of PTCL in the Dubai bourse which is still under consideration by the Privatisation Commission (PC).
In the shadow of this news, PTCL closed at Rs 63.9 contributing 35.3 points to the index with volumes of 241 million.
Abbas Raza, research analyst at First Capital Equities, said the bourse commenced on a strong note. The KSE-100 contestants from early bell bought PTC, OGDC, PSO, POL, PPL, DGKC, Lucky, NBP and MCB, which kept the market brilliantly intense and enthusiastic.
The market held in quite well and the eagerness of punters, jobbers and various institutions above the 8800 level provided an excellent exit point in most of the key scrips that slid the market and gave other investors a chance to buy.
PTC is providing all and sundry a splendid ride upwards, hence trickling the euphoria in other stocks of the market. KSE-100 without any doubt is showing robust strength to sustain the levels it now stands, nonetheless, the privatisation of PTC will be playing an important role in the further movement of the bourse, so tread cautiously as any negative or positive news can slide the market either way, so stop loss and profit-margin should be an integral part of all trades.