KARACHI, April 25: The share market on Wednesday maintained a positive outlook but worries over enhancement of CFS financing limit took their toll slowing down the overnight run-up. But the underlying sentiment remained uppishly inclined as was reflected by a fresh modest rise of 14.50 points.

An idea of initial buying euphoria may well be had from the fact that the index rose by 74 points but failed to sustain the rise on mid-session badla related selling.

After having risen sharply higher in early trading on active follow-up support at 12,243.49, the KSE 100-share index finally finished with a clipped gain of 14.50 points at 12,166.03 as compared to 12,151.53 a day earlier.The notable feature of the market’s performance was that despite political turmoil on the judicial crisis, investors were in no mood to be deterred by its negative fallout.

“Presence of strong foreign buying in the oil and banking sector, notably after upgrading of banks’ rating by the Moody’s will continue to inspire fresh buying on these sectors,” floor brokers predict.Analyst Ashraf Zakaria said worries over the enhancement of CFS ceiling may dampen the investor enthusiasm to build-up long positions on the oil, cement and bank sectors.

“What is more important is the SECP silence on the issue despite repeated requests by the KSE high-ups, which is creating more confusion whether or not the badla business would get through,” he said.

But Ahsan Mehanti said that board meetings of a dozen companies were held on Wednesday and most of them announced higher profits, which in turn kept the trading interest alive on most of the counters.

Prominent among them were ICI Pakistan, Pakistan Petroleum, Faysal Bank, Pak-Suzuki Motors, Bank Islami Pakistan and Nishat Mills.

Leading gainers were led by United Bank, J.S. Global and Fateh Textiles, which were quoted higher by Rs8.90 to Rs25 followed by Arif Habib Ltd, Arif Habib Securities, Pakistan Reinsurance Co, Ferozsons Lab, Security Papers, Pakistan Cables and Grays of Cambridge, which rose by Rs4.70 to Rs9.15.

Losers were led by Wyeth Pakistan and Nestle Pakistan, off Rs9 and Rs45. Other prominent losers were led by Mirpurkhas Sugar, Lakson Tobacco, Millat Tractors, ICI Pakistan, Sitara Chemicals, Clover Pakistan, Pakistan Hotels, Tri-Pack Films and HinoPak, off by Rs4 to Rs7.

Trading volume rose further to 278m shares from the previous 248m shares but losers held a modest lead over the gainers at 174 to 164, with 35 shares holding on to the last levels.

Fauji Cement topped the list of actives, up by Re1 at Rs19.30 on 23m shares followed by PTCL, higher by Rs1.25 at Rs50.95 on 21m shares, Askari Bank, lower 45 paisa at Rs92.85 on 19m shares, Bank of Punjab, unchanged at Rs104.50 on 17m shares, D.G. Khan Cement, up by 35 paisa at Rs96.90 on 15m shares and Lucky Cement, easy by 75 paisa at Rs100.35 on 14m shares.

Other actives were led by OGDC, lower 30 paisa on 13m shares, National Bank, easy 55 paisa on 12m shares, BSJS Balanced Fund, steady by 10 paisa on 11m shares and Nishat Mills, up by Re1 also on 11m shares.

FORWARD COUNTER: Both the settlements of Pioneer Cement came in for active selling and fell by 80 and 95 paisa at Rs28 and Rs27.60 for May and April contracts respectively. Lucky Cement followed them, easy 30 paisa at Rs101.20 on 3m shares and D.G. Khan Cement, up by 71 paisa at Rs97.40 also on 3m shares. Others were traded modestly.