KARACHI, April 2: The recomposed KSE 100-share index on Monday made an insipid debut as some of the leading base shares came in for stray selling in the absence of leading investors and institutional traders were conspicuous by their absence apparently awaiting fresh developments on the judicial front.

It posted a fresh rise of 4.92 points at 11,276.51 as compared to previous 11,271.59 at the last weekend but the 30-share index fell by 10.05 points at 14,004.51 as leading industrial shares remained under pressure.

It was the weakness of the broader market that weighed against the underlying sentiment ahead of resumption of hearing against the Chief Justice of Pakistan from Tuesday.

Stray buying in some of the current actives, amounting to 6m shares reflected the absence of leading financial traders, while day traders and jobbers played on both sides of the fence amid fractional price changes.

Instances of foreign buying on some leading oil and bank shares were, however, not lacking which in turn evoked sympathetic interest on some other counters that have potential of capital gains, brokers said.

But indications were that most of investors would be back as they were not inclined to miss the positive fallout of some good news from the privatisation front, notably oil giant Pakistan State Oil (PSO) and fresh Global Depository Receipts (GDRs) by some leading banks including United Bank on the London Stock Exchange shortly.

But strong presence of some of the Gulf-based companies including Kuwait Petroleum Company, one of the bidders, on whose request the bidding of the PSO was advanced to May 15, may not allow the shares to fall from the current levels, analysts Hasnain Asghar Ali said.

Another analyst Ashraf Zakria said some of the leading buyers had already resumed their operations on the oil and bank counters at the prevailing lower rates and that would give the needed boost to the market in the coming sessions.

Leading gainers were led by Javed Omer, Sitara Chemicals, Pakistan Hotels, Pakistan Services, Bata Pakistan, PSO and Ferozsons Lab, up by Rs3 to Rs6.70. But the largest rise of Rs55 was noted in Nestle Pakistan, owing to shortage of floating stock.

Losers dominated the list under the lead of Sapphire Fibre, Mirpurkhas Sugar, National Refinery, Pak-Suzuki Motors, National Foods, Siemens Pakistan and Rafhan Maize, which suffered fall ranging from Rs5.20 to Rs20.

Trading volume fell to 59.076m shares from the previous 132m shares but losers held a modest lead over the gainers at 162 to 123, with 43 shares holding on to the last levels.

Fauji Fertiliser led the list of actives, steady by five paisa at Rs31.90 on 6m shares, followed by Kot Addu Power, up by 70 paisa at Rs59.10 on 4m shares, TRG Pakistan, firm by 15 paisa at Rs10.60 also on 4m shares, D.G. Khan Cement, up by Rs1.05 at Rs87.55 on 4m shares, Lucky Cement, steady by 35 paisa at Rs79.65 on 4m shares, OGDC, lower 30 paisa at Rs118.50 on 3m shares and PTCL, up by 60 paisa at Rs48 on 3m shares.

Other actives were led by Crescent Standard Bank, up by 40 paisa on 3m shares, Hub-Power, unchanged on 2m shares and Javed Omer, higher by Rs3.83 on 2m shares.

FORWARD COUNTER: Lucky Cement came in for stray buying and ended higher by 20 paisa at Rs80 on 2m shares, followed by MCB, off Rs1.85 at Rs268.90 also on 2m shares and National Bank, lower 60 paisa at Rs230.90 on 1m shares.