KARACHI: Pakistan stock market’s KSE 100 index finally settled above record breaking level of 40,000 points on Monday. The investors and market players now eyeing 40,500 level to be achieved “not in distant future”. On Monday PSX’s bench mark KSE 100 index, following past week’s momentum added another 122 points or 0.13 percent to close at 40030.25 points. During the trading index hit intra day all time high level of 40104.15 before closing down at 40030.52 points. The KSE all share index added 159.40 points to settle at 26729.42 points. The turnover on Monday remained low at 216 million shares as compared to 277 shares traded on Friday. The value of shares traded at the Pakistan stock market remained Rs 10 billion against Rs 12 billion worth of shares traded on the previous trading day. Major trading activity was witnessed in energy, banking, auto and cement sectors. The K-electric topped the volume leaders list with 17.6 million shares followed by Dewan Motors 15.2 million, Dewan Cement, 13 million, Dewan Salman 11 million, Sui South Gas 8.9 million. The bullish trend is supported by the financial results of blue chip companies. PSO released earnings of Rs 10.27 billion, earning per share of Rs 37.81 almost in line with the expectations of market pundits. Following the result announcement of 1.3 million shares of PSO were traded while the value depreciated by Rs0.12. Attock Petroleum APL announced final cash dividend of Rs. 25 per share. APL posted earnings Rs 3.83 billion and Earning per share of Rs 46.16, up 16 percent year on year. Shares of 397 companies were trade on Monday. Share value of 228 companies increased while 145 companies’ share value declined. Share price of 24 companies remained unchanged. Major fluctuations were witnessed in the price of Rafhan Maize which appreciated by Rs 171.86 and Muree Brewery up by Rs 39.70. On the other hand Philip Morris suffered Rs 34 and Indus Dyeing Rs 20 decline respectively. “According to our preferred Elliott wave count, the index is rising in the fifth primary wave possibly scoping for 42,159 level. Any interim correction would seek support around 34,511 level”, analysts at AKD securities say. Banks, oil & gas, utilities and textiles would remain attractive sectors. Bull run in the equity market is being cushioned by number of positive development taking place at local and international level including reintroduction of Pakistan in the MSCI index and China Pakistan economic corridor CPak. However, Analysts believe that a major technical correction was imminent which would pave the way for further consolidate advancement towards new peaks.