KARACHI, Sept 10: Stocks on Wednesday welcomed the extension of freeze on the KSE index below 9,144 points as a section of investors covered positions in some of the pivotals amid hopes that sailing on the bourse will remain smooth in the coming weeks also sans speculative activity.

The KSE 100-share index rose by 36.06 points at 9,315.68 as compared to previous 9,279.62, while its junior partner was quoted higher by 35.91 points at 10,196.25.

Active buying in National Bank, OGDC, PTCL, Hub-Power and Engro Chemical, some of the leading base shares aided it to maintain a steady posture.

“But actually investors were terribly enthused by a good news after a long sluggishness about the buy-back arrangements being made by the OGDC and National Bank to lift their floating stock to boost the market and pull it out from the prevailing impasse,” analyst Hasnain Asghar Ali said.

The board meetings of both share market giants are due tomorrow and on Sept 12, respectively, to finalise the buy-back plans.

Higher fixation of their buy-back prices could trigger buying euphoria in the current sluggish market adding significantly to the KSE 100-share index well above the 10,000 points mark.

Analysts Ahsan Mehanti and Tabish Hasan hold the same view about the buy-back extravaganza and predicted that the market could be on its own backed by perception of a political stability if all goes well with the buy-back arrangements and ceiling prices.

They said the extension in the floor on the index up to Sept 25, would allow the market to stabilise backed by the near-end of the political uncertainty after the swearing-in of Asif Zardari as president of Pakistan.

However, the future direction of the market will be largely guided by the law and order situation, notably in the FATA, new economic initiatives of the government and check on the persistent downward drift in the rupee, they added.

But 31 per cent increase in the power rates reflects that both the general consumers and the industry will pay more increasing the cost of production having negative impact on the export sector, they said.

National Foods and Thal Ltd led the list of gainers, up by Rs17.19 and 5.25, followed by Engro Chemical, Agriautos, Attock Petroleum, Security Papers, Shell Pakistan, National Refinery, Fauji Fertiliser, Indus Motors and Thal Ltd, up by Rs1.70 to Rs4.05. Modest gains were also witnessed in some other leading shares.

Sapphire Fibre and IGI Insurance were leading among the gainers, off by Rs11 and 6.81, respectively. Others losers included New Jubilee Insurance, Abbott Lab, Ferozsons, Clariant Pakistan and Tri-Pack Films, off by Rs3.15 to 5.

Trading figure rose to 22m shares from the previous 11m shares as gainers topped losers by 69 to 34, with 82 shares holding on to the last levels.

National Bank topped the list of actives, up 87 paisa at Rs93.89 on 5m shares, followed by NIB Bank, steady by 19 paisa at Rs8.88 on 1.519m shares, PTCL, unchanged at Rs31.50 on 1.428m shares, Engro Chemical, higher by Rs3 at Rs184 on 1.060m shares, UTP Large Fund, off 40 paisa at Rs5.60 on 1.047m shares, Nishat Mills, higher by Rs1.14 at Rs47.89 on 1m shares, and WorldCall Telecom, static at Rs7.80 also on 1m shares.

Hub Power followed them, up by 61 paisa at Rs23.16 on 0.883m shares, OGDC, unchanged at Rs97.93 on 0.679m shares and Fauji Fertiliser Company, higher by Rs1.76 at Rs102.06 on 0.642m shares.

FORWARD COUNTER: National Bank also led the list of actives on the cleared list and was quoted higher by 19 paisa at Rs94.05 on 0.759m shares followed by Engro Chemical, higher by Rs3.40 at Rs185.79 on 0.450m shares and Pakistan Petroleum, higher by Rs2.17 paisa at Rs193.74 on 0.227m shares.

NIB Bank followed them, steady by 11 paisa at Rs8.90 on 0.200m shares and Nishat Mills, higher by 60 paisa at Rs48.10 on 0.178m shares.

DEFAULTER COMPANIES: Zeal Pak Cement and Japan Power again came in for modest support at the unchanged level of Rs1.16 and 4.50 on 0.171m and 0.174m shares, respectively. Others lacked normal support.

DIVIDEND: Sana Industries, cash 10 per cent, Shifa International 10 per cent, Pakistan Services 15 per cent.