KARACHI, Aug 25: Leading shares on the stock market on Thursday came in for active short-covering at the lower levels and ended higher but a decisive breakthrough is yet to be made beyond the base shares.

Reports of higher earnings, notably by the banks followed by some other leading shares was said to be the chief inspiring factor behind the run-up, which triggered covering purchases, although the broader market stayed a bit weak.

The KSE 100-share index recovered 41.67 points at 7,554.01 as compared to 7,512.34 a day earlier, reflecting the strength of OGDC, which alone holds a weightage of 21 per cent in it. Pakistan Oilfields followed it.

Bank of Punjab ahead of its financial results, ICI Pakistan on reports of higher earnings, D.G.Khan Cement, National Bank and MCB were other prominent gainers. PTCL on the other hand failed to sustain the early run-up on late selling.

Before the close of the current month board meetings of most of the leading companies including Pakistan Petroleum, ICI Pakistan and banking companies are due and anticipatory buying ahead of their results pushed the market into the plus territory, analysts said.

But some others said the pre-determined lower levels of some of the blue chips have reached owing to last two sessions’ correction, which paved the way for a good rally.

“There is nothing negative on the corporate news front and investors are inclined now to do business as their major demands have already been met”, analysts said “technical corrections here and there notwithstanding, the market now has more than one reasons to be buoyant in the coming sessions”.

Apart from reports of higher earnings from the corporate sector, news from the political front, notably Local government elections despite rigging charges by the opposition are in line with the thinking of the ruling elite, they said.

Berger Paints and EFU Life were leading gainers, up by Rs5.80 and Rs7 followed by Bank of Punjab, Cherat Cement, PSO, Pakistan Oilfields, Atlas Battery, and National Refinery, which posted gains ranging from Rs3.25 to Rs4.45.

Losers were led by Atlas Honda and Wyeth Pakistan, off Rs14.50 and Rs25.50. Other notable losers included Siemens Pakistan, Packages, Haroon Oils, Grays of Cambridge, Gatron Industries and Pakistan Services, off Rs4 to Rs8.50.

Owing to heavy buying in OGDC, and some other leading shares, traded volume again rose to 314m shares from the previous 247m shares a day earlier losers held at comfortable lead over the gainers at 163 to 124, with 41 shares holding on to the last levels.

OGDC topped the list of most actives, up by Rs2.40 at Rs111.30 on 77m shares, followed by D.G.Khan Cement, higher by Rs1.80 at Rs60.30 on 41m shares, Bank of Punjab, up by Rs3.25 at Rs92.35 on 40m shares, PTCL, lower 10 paisa at Rs64.45 on 30m shares, Pakistan Oilfields, higher by Rs3.05 at Rs339.05 on 11m shares, National Bank, steady by 30 paisa at Rs105.70 on 10m shares, MCB, up by Rs1.80 at Rs98 on 8m shares.

Other actives were led by Fauji Fertilizer Bin Qasim, easy 15 paisa at Rs34.15 on 23m shares, Pak PTA, off Re1 at Rs7.15 on 13m shares, and Pakistan Petroleum, higher by Rs1.10 at Rs168.60 also on 10m shares.

FORWARD COUNTER: OGDC also led the list of actives on this counter, up by Rs2.35 at Rs111.05 on 11m shares followed by Pakistan Petroleum, higher by Re1 at Rs168.50 on 9m shares and PTCL, lower 15 paisa at Rs64.40 also on 9m shares.