KARACHI, Nov 21: The KSE 100-share index on Friday broke the intriguing status quo aided by revival of demand in some of the leading base shares and rose by 3.01 points at 9,187.10 apparently signalling the end of last three months’ terrible sluggishness.

The credit for ending the protracted impasse largely goes to active short-covering in the two leading base shares, Millat Tractors and Pakistan Services, notably the latter which rose by Rs25.17 at 528.67.

Another stimulating factor was that the management of the Khyber Bank gave a pleasant surprise to even leading corporate analysts after announcing bonus shares at the rate of 25 per cent for the year ending Dec 31, 2008.

The KSE all-share index followed the lead and was quoted higher by 1.93 points at 6,641.80, but the KSE 30-share index remained static.

The phenomenon may not necessarily reflect the change of heart on the investor level or some may have found cue about the removal of the floor possibly next Monday, but it has raised hopes that the next week could be crucial for the future market trend, said an analyst.

But some others said the investor mood is being assessed through this casual pointer whether or not they will opt for fresh buying after the normal trading is resumed in previously announced nine public sector shares, including National Bank, OGDC, Pakistan Petroleum and some others.

“It was essentially the show of strength by some of the leading investors and their will to push the index higher whenever they decide irrespective of background news,” said an analyst.

But he denies that the index is a hostage of some big market players who are not inclined to put life in it, which could lead to a major breakthrough at this stage before their pre-determined date.

In market parlance, the weekend recovery mostly paves the way for a better market after the trading resumes next week, he added.

Ten shares came in for trading, out of which two rose, while four fell, with four holding onto the last levels.

Leading gainers were led by Pakistan Services, higher by Rs25.17 followed by Southern Electric, which showed a fractional rise of only three paisa.

Losers were led by Mirza Sugar and Mukhtar Textiles, lower by four paisa each followed by Habib-ADM Sugar and National Asset Leasing, which were marked down by two and three paisa respectively.

Trading volume fell to 81,100 shares from the previous 110,000 shares as losers held a modest lead over the gainers amid slow trading.

TRG Pakistan, static at Rs3.82 on 23,500 shares, Standard Chartered Modaraba, unchanged at Rs9 on 14,000 shares, Habib-ADM Sugar, easy by two paisa at Rs9.68 on 12,500 shares, Millat Tractors, static at Rs163.92 on 2,000 shares, Southern Electric, steady by three paisa at Rs3.63 on 1,500 shares and Telecard, static at Rs3.70 on 500 shares.

Mirza Sugar, lower four paisa at Rs1.81 on 500 shares and Pakistan Services, sharply higher by Rs25.17 on 100 shares.

DEFAULTER COUNTER: National Asset Leasing came in for active profit-selling and ended lower by three paisa at Rs0.44 on 26,000 shares followed by Mukhtar Textiles, easy four paisa at Rs0.60 on 500 shares.