KARACHI, July 9: The KSE 100-share index on Monday managed to settle above the psychological barrier of 14,000 at 14,019.05 points, but analysts said its base above the target was too weak and may be exploited any time by the bears and speculative traders.

After early rising to session’s peak level of 14,080.90 points, it came in for selling and finished with a clipped gain of 33.16 points at 14,019.05 as compared to weekend’s 13,985.89 points. The free-float 30-share index also rose by 67.89 points at 17,103.38.

The KSE 100-share index has been hovering around the coveted level of 14,000 points for the last couple of sessions and last week it crossed it twice but failed to sustain it on late bear onslaught.

The modest rise in the index each session reflects that most of the overvalued shares have reached their saturation points and bulk of the support is now confined to second-liners, mostly in the cement sector that has massive potential of capital gains owing to over 100pc increase in exports.

“The rubicon has at last been crossed in a scenario not fully helpful to the highly sensitive market,” said a leading analyst, adding he was unsure about its future trend amid persisting political and Lal Masjid tensions.

“What next is now the question being debated among the bulls,” analyst Ashraf Zakaria said.

The developing situation on the Lal Masjid front could take its toll any time depending on the action of security forces after expiry of final deadline to surrender, he added.

“It was a judicious blend of both local and foreign buying linked chiefly to higher corporate earnings and market talk of handsome payout including bonus shares,” said Hasnain Asghar Ali.

While the legendary market leaders have been relegated to the secondary positions, low-priced ones in the cement and other sectors have assumed the role of trend-setters.

The final list makes an interesting reading as most of the shares ruling below Rs30 have proved themselves as the market leaders and for good reasons too as the potential of capital appreciation in them is much bigger, analyst Ahsan Mehanti said.

“It was for the first time in the history of stock trading that undervalued shares have outwitted their senior partners as each investor is out to minimize losses if any in the prevailing tensions,” he added.

Leading gainers were led by JS & Co and Pakistan Services, up by Rs32.95 and Rs23, followed by Adamjee Insurance, Arif Habib Ltd, Javed Omer, Sapphire Fibres, Mari Gas, Sitara Chemicals, Gillette Pakistan, Nestle Pakistan, AKD Securities and Bata Pakistan, which posted gains ranging from Rs8.25 to Rs18.

Losers were led by Rafhan Maize and Siemens Pakistan, off by Rs49 and rs45. Other prominent losers included Pakistan Resource Insurance, IGI Insurance, Pakistan Tobacco, Shell Pakistan, KSB Pumps, Sanofi-Aventis, HinoPak, Shezan International and Treet Corporation, off by Rs8.10 to Rs14.75.

Trading volume fell to 358m shares from the previous 413m shares as gainers held a strong lead over the losers at 218 to 159, with 42 shares holding on to the last levels.

Fauji Fertiliser Bin Qasim topped the list of actives, up by Rs1.95 at Rs41.15 on 33m shares followed by Fauji Cement, steady by 40 paisa at Rs22.55 on 28m shares, TRG Pakistan, up by Rs1.05 at Rs16.50 on 27m shares and Sui Southern Gas, firm by Re1 at Rs.29.60 on 18m shares.

Bosicor Pakistan, steady by 35 paisa at Rs20.40 on 16m shares, Dewan Cement, easy by five paisa at Rs18.65 on 10m shares and Pakistan Cement, up by 50 paisa at Rs15.20 on 9m shares.

Other actives were led by Maple Leaf Cement, up by 55 paisa on 9m shares, BankIslami Pakistan, higher by Re1 on 8m shares and Saudi Pak Bank, lower 20 paisa also on 8m shares.

FORWARD COUNTER: Fauji Fertiliser Bin Qasim led the list of actives on this counter on reports of foreign interest and was quoted higher by Rs1.95 at Rs41.30 on 9m shares followed by Bank of Punjab, sharply lower by Rs2.80 at Rs110.25 on 5m shares and Sui Southern Gas, up by Re1 at Rs30 on 4m shares.