KARACHI, Oct 12: Stocks on Friday maintained a bullish outlook as institutional traders were active on selected counters aiding the KSE 100-share index to finish with an extended gain of 14 points at 1,193.65.

Unconfirmed reports say some of the foreign funds were also in the market and covered positions in leading MNCs, currently ruling at an attractively lower levels.

Fauji Fertilizer and Adamjee Insurance were claimed to be star performers as both remained in strong demand throughout the session. The former rose with a gain of Rs.1.20, while the latter spurted by Rs.5.60 sending signals that it has shrugged off the recent hesitancy and is well on the road to regain its old glory as a blue chip.

Trading activity was, however, partly overshadowed by the news from the city and was slow owing to strike called by the religious parties to protest against the US-led coalition bombing on Afghanistan and reports of civilian casualties.

The KSE 100-share index managed to post a fresh modest rise of 13.98 points, reflecting the strength of PTCL and Hub-Power at 1,193.65, but the broader market was devoid of any significant trading features.

Bulk of the support in the pivotal originated from the local financial institutions and some foreign funds, but the presence of foreign support was not confirmed by the leading analysts or brokerage houses.

Attendance was also thin, as agents and the staff of the brokerage houses could not report on duty because of complete strike observed by the city public transport.

Floor brokers said reports of violence in some parts of the city kept pouring in in the market, which did not allow investors to resume normal trading activity amid fears of law and order situation.

As the protests against the US attacks on Afghanistan gaining momentum there are fears among the investing public about the future law and order situation, and they will think twice before making fresh commitments, analysts said.

“I don’t think the future stock trading will be guided by the positive economic fundamentals, the situation in Afghanistan and counter moves by the religious parties could well prove a determining factor,” they said.

However, much will depend on the government ability to control the developing situation and defuse the prevailing tension between the different section of the civil society.

As far as the market statistic are concerned they are very attractive and ensure handsome capital gains, but in normal political atmosphere, most brokers believe.

Plus signs dominated the list, and major gainers being EFU Life Insurance, Knoll Pharma, Fauji Fertilizer, Dawood Hercules, Abbott Lab, Nishat Mills and Pakistan Oilfields posted gains ranging from Rs.105 to 6.

Losses on the other hand were mostly fractional barring Din Textiles and Shell Pakistan, which fell by Rs.1.15 and 2.40 respectively.

Trading volume was modest at 73m shares but gainers maintained a strong lead over the losers at 71 to 23, out of 123 actives.

Hub-Power topped the list of most actives, up 30 paisa at Rs.15.05 on 22m shares, followed by PTCL, steady five paisa at Rs.15.10 on 16m shares, Fauji Fertilizer, higher by Rs.1.20 at Rs.37.95 on 6m shares, PSO, firm by 10 paisa at Rs.104.90 on 5m shares and Adamjee Insurance, sharply higher by Rs.5.60 at Rs.29.10 on 4m shares.

Other actives were led by Sui Northern, up 20 paisa on 4m shares, Engro Chemical, higher 75 paisa on 3m shares, Bank of Punjab, firm by 50 paisa on 2.765m shares, Nishat Mills, higher by Rs.105 on 1.727m shares and MCB, up 85 paisa on 1.652m shares.

FUTURE CONTRACTS: Speculative issues also came in for active support and were mostly quoted higher under the lead of Fauji Fertilizer, which rose by Rs.1.55 at Rs.38.15 on 35,000 shares followed by Engro Chemical, MCB and ICI Pakistan, which rose by 70 to 80 paisa.