KARACHI, Sept 1: The new KSE 30-share free float index on Friday made a firm debut, taking all the other two indices along with it to new highs in a market dominated by external depressants in the backdrop of country-wide strike called by the opposition.

But a section of leading investors was a bit confused over the initial opposite directions of the trio and could not precisely decide which one (index) to follow before making fresh commitments in particular sector, a leading stock analyst Ahsan Mehanti said.

“The investment priorities are expected to follow normal course by the next week when the technicalities of the newcomer are fully understood,” he added.

While the KSE 100-share index posted a smart gain of 106.84 points at 10,170.97 points, the newcomer rose by 175.51 points at 12,515.87.

Stocks, therefore, recovered from the overnight lower levels on active short-covering in most of the pivotals under the lead of bank shares amid reports of higher earnings.

The free float index came on the board in an abnormal atmosphere in the backdrop of country-wide strike and fears of law and order situation but its maiden performance were fairly credible as it finished at 12,515.87, (base 10,000) points higher by 175.51 points. It will operate side by side the existing KSE 100-share and all shares index.

To be fully reflective of the broader market, it is expected to give new dimension to stock trading in the months to come, analysts said, adding “the initial investor reaction was more than encouraging as was reflected by its sharp rise, stock analyst Faisal Abbas said.

The KSE 100-share index was quoted sharply higher after a weak opening and was last quoted around 10,170.97 as compared to 10,064.13 points a day earlier, up 106.84 points or 1.06 per cent, reflecting the strength of the leading base shares.

Analysts said the market was expected to be back on the rails possibly by the next as by that time some of the immediate depressants may not have any relevance to stock trading.

Above market expectations corporate earnings reports pouring in each session followed by higher payouts by some of the leading companies will continue to play their stabilising role after having absorbed negative fallout of some bad news, they said.

Much of the activity remained confined to bank, oil and some cement shares though some of them finished reacted on late weekend selling.

Among the leading gainers, Pakistan Oilfields and IGI Insurance were leading, up by Rs10.50 and Rs17, followed by United Bank, Jahangir Siddiqui Capital, Pakistan Refinery, Grays of

Cambridge, Dawood Hercules and MCB, which posted gains ranging from Rs4.90 to Rs9.95.

Ferozsons Lab and Atlas Honda fell by Rs10.50 and Rs11.85. Other notable losers included Bata Pakistan, KSB Pumps, Javed Omer, HinoPak and Shell Pakistan, off Rs3 to Rs7.75.Trading volume was light at 140m shares as gainers maintained a strong lead over the losers at 151 to 78, with 28 shares holding on to the last levels.

MCB led the list of actives on massive buying triggered by roadshows linked with its GDR, up by Rs9.95 at Rs224.30 on 18m shares followed by OGDC, higher by Rs2.25 at Rs131.25 on 16m shares and Pakistan Petroleum, firm by Rs1.70 at Rs243.30 on 13m shares.

D.G. Khan Cement, higher by Rs1.45 at Rs93.95 on 12m shares, National Bank, up by Rs1.90 at Rs226 on 9m shares, Pakistan Oilfields, higher by Rs10.50 at Rs347 also on 9m shares and PICIC, steady by 40 paisa at Rs63.50 on 9m shares.

Other actives were led by PICIC Bank, up by 45 paisa on 7m shares, Bank of Punjab, higher by 50 paisa on 4m shares and Fauji Cement, steady by five paisa also on 4m shares.

FORWARD COUNTER: MCB also led the list of actives on this counter and rose by Rs8.95 at Rs224.95 on 5m shares followed by Pakistan Petroleum, higher by Rs1.80 at Rs245 on 4m shares and OGDC, up by Rs1.55 at Rs128.10 on 3m shares.

Pakistan Oilfields followed them, higher by Rs8 on 3m shares and PICIC, up by 25 paisa at Rs64 also on 3m shares. Others were modestly traded.

DEFAULTER COS: Active trading was witnessed on this counter as investors played on both sides of the fence indulging in alternate bouts of buying and selling.Unity Modaraba came in for active selling and fell by 20 paisa at 65 paisa on 0.454m shares but on the other hand Indus Polyester and Crescent Standard Bank rose by 90 and 10 paisa at Rs5.75 and Rs3.30 on 0.112m and 216m shares respectively.

Norrie Textile was quoted unchanged at Rs2.70 on 0.298m shares.

DIVIDEND: Ferozsons Lab, cash 40 per cent, bonus 20 per cent, Atlas Honda, cash 60 per cent, bonus 15 per cent. Both attracted post-dividend selling and fell sharply by Rs10.50 and Rs11.85 respectively.