KARACHI, Nov 26: The KSE 100-share index on Monday ended with a fresh modest rise of 44 points despite a good bit of profit-selling in the leading oil shares on the strength of the broader market which performed credibly well, analysts said.

The fact that the creeping rally was well-sustained for the sixth session in a row indicates that investors are not inclined to shed their extra weight in a big way at this stage. The general perception is that the market will behave orderly despite some political irritants, they added.

After hitting the session’s low and high at 13,714.41 and 13,849.48, the KSE 100-share index finally ended with a fresh rise of 43.79 points at 13,775.98. But on the other hand its junior partner was off 35.35 points at 16,493.15.

Barring oil shares, which ran into profit-selling at the higher levels, others leading shares, notably National Bank, PTCL and some others sustained the run-up in the index. While on the other hand MCB, Pakistan Petroleum, Pakistan Oilfields, PSO and Arif Habib Securities came in for active profit-selling and finished sharply lower.

“Investors are not inclined to take long positions on any of the counters owing to heating up of the political scenario after the arrival of Sharifs,” said Hasnain Asghar Ali, adding “alternate bouts of buying and selling appears to be hallmark of the entire activity”.

“Political uncertainty is still there amid talks of boycott of elections if the emergency is not lifted,” Ahsan Mehanti said, adding “investors are expected to follow the political developments before taking fresh bigger positions”.

But some others said a section of investors was awaiting the post-uniform doffing scenario and kept to the sidelines in an effort to avoid undue risks.

Nestle Pakistan and Unilever Pakistan were leading among the gainers, up by Rs35 and Rs50, followed by Central Insurance, Bhanero Textiles, AKD Securities, Mari Gas, Habib Bank, EFU General and Life, Mirpurkhas Sugar, Attock Petroleum, Al-Ghazi Tractors, Siemens Pakistan, Glaxo-SKF, Abbott Lab and Bata Pakistan, which posted gains ranging from Rs8 to Rs23.

Prominent losers were led by Lakson Tobacco and Wyeth Pakistan, off by Rs25 and Rs20 respectively. Others fell fractionally barring Adamjee Insurance, Javed Omer, Arif Habib Ltd, IGI Insurance, Sapphire Fibre, Shell Pakistan and HinoPak Motors, which suffered fall ranging from Rs4.65 to Rs16.

Trading volume suffered fresh fall at 222m shares from the previous 252m shares but gainers and losers were evenly matched around 184, with 30 shares holding on to the last levels.

OGDC led the list of actives, lower by 65 paisa at Rs122.30 on 18m shares followed by National Bank, up by Rs3 at Rs243.50 on 17m shares, PTCL, up by Rs1.10 at Rs44.40 on 15m shares, Arif Habib Securities, off Rs4.85 at Rs164.50 on 10m shares, Bank Alfalah, up by 50 paisa at Rs53.10 on 8m shares, Pakistan Oilfields, off Rs3.50 at Rs346 on 7m shares and Pakistan Petroleum, lower Rs3.25 at Rs248.50 also on 7m shares.

Other actives were led by PSO, off Rs3.19 on 7m shares, Engro Chemical fell by Rs3.45 on 6m shares and Sui Northern Gas rose by Rs3 also on 6m shares.

FORWARD COUNTER: Bank of Punjab led the list of actives on this counter, lower by 50 paisa at Rs97.50 on 7m shares and its November contract, off Re1 at Rs97 also on 7m shares and OGDC, easy by 76 paisa at Rs122.49 on 4m shares.