KARACHI, Nov 22: The KSE 100-share index on Tuesday confidently breached through the psychological barrier of 9,000 points after several abortive attempts but analysts are divided over its future direction and are not carried away by the breakthrough.

Investors mostly played safe and remained confined to the low-priced second-liners until the next bull move is known. It was last quoted at 9,006.26, up 45.38 points as OGDC, leading among the base shares, burst into activity after several lean sessions. The index touched the session’s peak at 9,025.83 and low at 8,922.79, an either-way movement of 100 points.

OGDC, which holds a weightage of 22 per cent in the index, rose by Rs1.60 at Rs111.25 on a large volume. A one rupee rise in its share value reflects an increase of 36 points in the index and that shows the contribution of other base shares in the increase is terribly negligible.

Opinions about the future trend of the index are, therefore, uncertain. Some say it could resume its upward march on the strength of some positive external developments, including foreign aid pledges for the rehabilitation of the earthquake victims.

Some others claim a big correction is now overdue alone on technical grounds in an overbought market. The talk of index level of 10,000 at this stage appears to be too ambitious.

“During the current run-up all the leading market trend-setters have apparently attained their career-best levels and need a correction and that could come any time,” analysts said.

Even the current favourite PTCL remained dormant despite reports that a delegation is leaving for Dubai to hold the final round of talks with the Etisalat high-ups to complete the deal.

As a matter of fact the selling in leading banks, including National Bank, and some of the cement shares, notably DG Khan Cement reflects the process of market technicalities is well on its way in a bigger way than many could imagine at this stage the extent of the fall.

“The shift of bulk of the buying interest to the secondary stocks, such as Fauji Cement and Fauji Fertilizer Bin Qasim from the overvalued one could well prove a prelude of profit-taking at inflated levels,” some others said.

Siemens Pakistan on higher final dividend of 240 per cent and Unilever Pakistan were among top gainers, up Rs30 each, followed by New Jubilee Insurance, Jahangir Siddiqui & Co, Muslim Insurance, Indus Dyeing, Pakistan Oilfields, Engro Chemical, United Sugar and Colgate Pakistan, which posted gains ranging from Rs4 to Rs13.75, the largest rise being in Colgate Pakistan.

Prominent losers included two MNCs, Aventis and Nestle Pakistan, off Rs9 and Rs8.95, respectively. Other losers were led by IGI, Island Textiles, Indus Motors, Thal, Mustehkam Cement, Dawood Hercules, Ferozsons Lab, and Honda Atlas, off Rs4 to Rs6.25.

Trading volume rose to 407m shares from the previous 395m shares as gainers maintained a fair lead over losers at 195 to 170, with 44 shares holding on to the last levels.

Fauji Fertilizer Bin Qasim topped the list of actives, up Rs1.05 at Rs38.15 on 79m shares, followed by Fauji Cement, higher by 80 paisa at Rs27.50 on 60m shares, Bosicor Pakistan, off 60 paisa at Rs21.50 on 21m shares, OGDC, higher by Rs1.60 at Rs111.25 on 19m shares, DG Khan Cement, lower 95 paisa at Rs102.60 on 17m shares, National Bank, easy Rs1.30 at Rs171.35 on 16m shares and MCB, up Rs1.15 at Rs149.70 on 14m shares.

Other actives included Maple Leaf Cement, lower 15 paisa on 17m shares, Nishat Mills, up Rs1.10 on 14m shares and Nimir Industrial Chemicals, higher by 65 paisa on 13m shares.

FORWARD COUNTER: Fauji Fertilizer Bin Qasim also led the list of actives on this counter, up Rs1.15 at Rs38.40 on 12m shares followed by DG Khan Cement, easy 15 paisa at Rs103.10 on 5m shares, Maple Leaf Cement, lower 35 paisa at Rs39.90 on 5m shares and OGDC, up 95 paisa at Rs111.15 on 4m shares.