RECORDER REPORT KARACHI (July 23): Bulls ran amuck on Tuesday amid a virtual scramble for choice scrips, sparked by the announcement of Prime Minister's visit to the stock market on Wednesday. The KSE-index scored a century, surpassing the previous record of 81.79 points reached on February 16, 1997, while the market capitalization crossed Rs 600 billion. Tuesday's rise was the highest in any single session as KSE-100 index registered a total gain of 104.06 points in the regular, and computerised trading, breaking the 2000-point level, which was expected to be achieved by first week of August. The volume also made new strides, reaching its peak level of 244 million shares, eclipsing Monday's record of nearly 209 million shares. Buying continued unabated for the 15th consecutive session, and foreign buyers lifted every investment, trading and blue chip to new heights. One of the key factors in Tuesday rise, despite it being the settlement day, was the news of Prime Minister Nawaz Sharif's visit to the stock market on Wednesday. Traders and dealers opined that the visit of the Prime Minister would boost the morale of the general investors, who were yet to gain full confidence, compared to foreign fund houses. Nearly all the key issues broke their previous best, reaching the six-month high mark. Hub Power closed at Rs 56.75; PTC at Rs 44.25; ICI at Rs 35.75, FFC Jordan at Rs 23.10 and Dewan Salman at Rs 44.25. PTC registered a sharp rise of Rs 3.25 to Rs 44.50 as around 78.466 million shares changed hands. An analyst said that the improvement was mainly attributed to the news that PTC's earnings could increase to Rs 2.2 billion between July-Dec after the rise in the line rent. The scrip is a trend-setter, and since fresh buying engulfed the PTC counter the entire market recorded an unprecedented upsurge. The analyst said that the foreign buying was evident in PSO, Shell and Fauji Fertilizer, while Hub Power and Fauji Jordan were also in strong demand. With more foreign buying in the pipeline, an upside of 2-3 percent more is expected. "The market may take a breather, which will give it an opportunity to pick up stocks in the anticipation of the successful conclusion of the ESAF talks which should allow the market to breach previous highs", he commented. Salman Rasheed of AMZ Securities said that the favoured blue chip items including PTCL, ICI, Hub Power and FFC Jordan experienced brisk activity as buying was coming from all quarters. PTCL, ICI and Hub Power posted gains of Rs 3.25, Rs 3.25 and Rs 4 respectively. He pointed out that another aspect of Tuesday's trading was the interest evident in the sideboard items. The currency turmoil in the Far East countries and the hand over of Hong Kong to China had diverted foreign funds to the Indian sub-continent. Salman Rasheed said that due to the political instability in India, the Pakistani market had become more attractive in the eyes of the foreign fund managers. Moreover, it appeared that the IMF would grant the ESAF loan to Pakistan, he said. The KSE index registered an increase of 104.06 points settling at 2016.51 from 1912.45 points reached Tuesday. Market capitalisation went up by Rs 27.179 billions to reach Rs 609.179 billion from the Tuesday's level of Rs 582 billion. Major gainers on Tuesday were Burshane Pak (Rs 8), Dawood Hercules (Rs 5), Dewan Salman (Rs 4.25), Hub Power (Rs 4). KESC and Pak Refinery (Rs 3.50 each), PTC and ICI (Rs 3.25 each), PSO and Shafiq Textile (Rs 3 each), MCB (Rs 2.05), and Adamjee Insurance (Rs 2). Among the 282 active issues, 132 posted gains against 92 losers while 58 remained unchanged. Volume on Tuesday amounted to 244.526 million shares as against Monday's 208.742 million shares. Brisk trading was recorded on PTCL, ICI, Hub Power, FFC Jordan, Genertech, Japan Power, KESC, Southern Electric, Sui Northern Gas, Sui Southern Gas, Dhan Fibres, Faysal Bank, Bank of Punjab, MCB, Orix Investment and Dewan Salman. PTCL 'A' on a volume of 78.466 million shares, gained Rs 3.25 paisa to Rs 41.40, ICI on a trading of 64.170 million shares registered an increase of Rs 3.25 to close at Rs 35.75. Hub Power rose by Rs 4 on transaction of 43.8 million shares, and closed at Rs 56.75. Dhan Fibres on a turnover of 7.515 million shares closed at Rs 7.10, higher by Rs 1.45, while Dewan Salman closed at Rs 44.25 from the last close of Rs 40 as total deals on its account amounted to 5.525 million shares. Al-Meezan International Mutual Fund declared a dividend of 11.80 percent for the year ended on June 30, 1997. BOND SECTION: The buying rate of FEBC quoted at Rs 102.10 and selling at Rs 102.30.