KARACHI, July 13: The share market finished the weekend session on a bullish note as investors maintained their mopping operations aided by heavy foreign buying in oil shares under the lead of OGDC on reports of new oil exploration rights.

The turnover soared to year’s high level of well over half a billion shares bulk of which went to the credit of OGDC but actively shared by some of the undervalued actives.

The strong weekend rally indicates that the leading bulls have started their journey above the index level of 14,000, although it failed to sustain the session’s high of 14,288.24 on late selling.

However, the KSE 100-share index ended with a fresh rise of 70.95 points at 14,202.23 as compared to 14,131.28 a day earlier, reflecting the strength of the leading base shares in the banking and cement sectors.

The market seems to have well-absorbed the negative fallout of Supreme Court’s decision to stay the privatisation of Pakistan State Oil (PSO) on the petition of Attock Group.

The group was not allowed to take part for some technical reasons as a bidder and withdrawal of British Petroleum (BP) as one of the short-listed bidders from bidding may well prove a major blow to the privatisation programme of state-owned units but investors ignored it, analysts said.

However, the bulk of the support remained confined to the recently found “safe havens” that are the undervalued shares, which of late have assumed the role of actives.

In late Thursday’s trading, PSO share value dropped from the session’s peak of Rs408 to Rs395 after the news reached the market and indications are that its share value could ease further in the coming sessions. It also fell by Rs5.10 during the weekend session.

But some others said the opening of Habib Bank’s issue for public subscription from July 26 to 28, for locals and from July 30 to 31 for non-resident Pakistani could add new dimensions to the existing trading pattern.

HBL will offer shares worth Rs345 million at Rs235 per share at a premium of Rs225, with a green-shoe option of 2.5 per cent.

Analysts said the next week could well prove a very crucial for the future direction of the market as the upcoming sessions will decide whether to push the index beyond the barrier of 14,000 points or play safe, pushing it lower and higher within a narrow margin.

“Investors also take cue of the political wind and how will it blow at least for the near-term before making fresh commitments,” they added.

Leading gainers were led by Engro Chemical and National Refinery, up by Rs12.55 and Rs19.75, followed by Sitara Chemicals, Berger Paints, AKD Capital, Glaxo-SKF, Exide Pakistan, Pak-Suzuki Motors, Mari Gas, Gatron Industries, EFU Life, Central Insurance, Pakistan Resource Co and EFU General Insurance, which posted gains ranging from Rs7.35 to Rs12.50.

Prominent losers were led by JS and Co and Siemens Pakistan, off Rs36.10 and Rs35. They were followed by Gillette Pakistan, HinoPak, Sanofi-Aventis, PSO, Arif Habib Securities, Arif Habib Ltd and Javed Omer, off Rs5.10 to Rs14.70.

Trading volume soared to a new year high at 525m shares as compared to 464m shares a day earlier as losers held a lead over the gainers at 194 to 162, with 32 shares holding on to the last levels.

OGDC topped the list of most actives, up By Rs3.50 at Rs124.35 on 54m shares followed by WorldCall Telecom, higher by 95 paisa at Rs20.30 on 34m shares, Bosicor Pakistan, steady by 40 paisa at Rs21.70 on 25m shares, TRG Pakistan, firm by five paisa at Rs16.65 on 23m shares, Dewan Slaman, up by Re1 at Rs12.25 on 22m shares, Sui Southern Gas, up by 90 paisa at Rs30.80 on 19m shares and PIAC, higher by 85 paisa at Rs9.80 on 15m shares.

Other actives were led by Arif Habib Securities, off Rs7.85 on 19m shares, Fauji Fertiliser Bin Qasim, higher by Rs2.15 on 18m shares and JS Bank, firm by 65 paisa on 17m shares.

FORWARD COUNTER: OGDC also led the list of actives on this counter, up by Rs3.15 at Rs124.65 on 12m shares followed by Fauji Fertiliser Bin Qasim, higher by Rs2.10 at Rs45.40 on 10m shares and Dewan Salman Fibre, firm by Re1 at Rs12.30 on 7m shares.