KARACHI, June 30: Stocks finished the last session of the year on a steady note boosted by fresh heavy buying in leading oil and bank shares amid market talk of higher corporate earnings and payouts. The KSE index rose by another 148 points but failed to sustain the level of 10,000 points on late selling.

A good bit of year-end short-covering by the financial institutions and leading brokerage houses at the still attractively lower was said to be an aiding bullish factor allowing the market to absorb bulk of the weekend selling by weak holders and sundry traders.

The KSE 100-share index on Friday briefly breached through the barrier of 10,000 points but failed to sustain it owing to late profit-selling at the inflated levels, although on-balance closing was on the higher side thanks to strong year-end financial support.

After having touched the crucial level of 10308 at the fag-end of the last fiscal for the third time during the account dealings, KSE-100 share index finally ended at 9,989.41 as compared to 9,841.43 a day earlier as leading base shares posted fresh good gains despite a lot of selling at the higher levels. The net rise over the day was 147.98 points.

During the fiscal that just passed into history, the index showed massive either-way movements (38 per cent low and high)under the cross-current of positive and negative news, but managed to finish well above the lows judiciously demonstrating that its inherent strength was intact.

Whether or not it would improve upon its previous all-time high level of 12,236 established early this year will be known after the new fiscal account makes its debut on next Monday but indications are that the sailing could be smooth on the strength of higher corporate earnings and payouts despite some bad news from the political front, most analysts believe.

“Both the old account and rollover week ended on a positive note, paving the way for the new year to maintain the market tempo on high pitch as it has been bequeathed to it,” says a leading analyst.

The market advance was again led by OGDC, National Bank, Pakistan Oilfields, Pakistan Petroleum and some other leading bases shares, some of them closing around their upper locks.

Indications are that the current recovery tempo during the new fiscals as the attractively lower attained by most of the leading shares, notably in the oil and cement sectors could attract any amount of fresh covering purchases for quick capital gains.

The financial years of some of the leading companies have ended on June 30, and their earnings are said to be on the higher side and both general investors are expected to make fresh buying at the current levels for opening new year account.

Late weekend selling allowed some of the leading shares to finish with clipped gains under the lead of Mari Gas and Shell Pakistan, off Rs 6.25 and 14.50, followed by Attock Refinery, International Industries, Fauji Fertiliser, ICI Pakistan, Attock Cement, BOC Pakistan, Packages and National Foods, off Rs3 to 5.85.

Nestle Pakistan and Unilever Pakistan managed to finish with an extended gain of Rs52.50 and 40 respectively. Other good gainers included Thal Industries, Gatron Industries, National Bank, National Refinery, Pak-Suzuki Motors, Shezan International and Pakistan Petroleum,up Rs8 to 10.05.

Trading rose to 230m shares from the previous 141m shares as gainers and losers were about evenly matched at 133 and 134, with 33 shares holding on to the last levels.

OGDC again topped the list of actives, higher by Rs4.85 at Rs136.75 on 48m shares followed by D.G.Khan Cement, steady by 45 paisa at Rs90 on 26m shares, National Bank, higher by Rs8 at Rs215.50 on 21m shares, Pakistan Oilfields, up Rs6.30 on 13m shares and PTCL, firm by 20 paisa at Rs40.60 on 12m shares and Pakistan Petroleum, higher by Rs10.05 at Rs211.85 on 8m shares.

Other actives were led by Lucky Cement, easy by 90 paisa on 12m shares followed by Bank of Punjab, up Rs1.55 on 8m shares, Fauji Cement, unchanged on 6m shares and MCB, higher by Rs10 also on 6m shares.

FORWARD COUNTER: OGDC was also actively traded on the cleared list on active follow-up support and rose by Rs4.62 at Rs138 on 12m shares followed by Pakistan Oilfields, higher by Rs5.92 at Rs337.95 on 5m shares, and National Bank, up Rs9.63 at Rs217.61 also on 5m shares.