KARACHI, Dec 5: The KSE 100-share index on Wednesday consolidated gains well above the barrier of 14,000 points on the strength of higher corporate results and year-end short-covering by the financial institutions. The KSE 100-share index rose by another 101.39 points at 14,138.

Stocks, therefore, posted fresh widespread gains across the board followed by strong follow-up support and finished with an extended gain.

It appears to be a judicious blend of selective foreign and institutional buying and was apparently based on some positive developments on the political front, said a broker.

The KSE 100-share index closed the session well above the barrier of 14,000 points at 14,137.83 as compared to previous 14,036.44 points, up by 101.39 points or 0.72 per cent as leading base shares came in for renewed buying and ended with fresh gains. The 30-share index rose by 83.03 points at 16,949.08 points.

Some analysts said its snap fall from the coveted level of 15,000 points last month, which it missed by only 28 points could well prove its base to cross it after the revival of year-end buying before the year is out.

“If one goes by the political scenario, there is no convincing reason to indulge in the share business,” analyst Ahsan Mehanti says, adding “but if one follows the market fundamentals there are more than one reasons to buy at the current levels”.

Indications are that the dust raised on the political issues is expected to settle down prior to the elections on Jan 8, 2008 and perhaps that is the perception shared by leading investors, which evoked covering purchases, Ashraf Zakaria, another stock analyst, said.

Bulk of the covering operations remained confined to cement, banking and oil counters but the interesting feature of the session’s relatively brisk activity was strong buying in the low-priced shares for future capital gains.

JS Bank, Unity Modaraba, Al-Abbas Cement and Pervez Ahmed Securities were notable among them, which ensure handsome capital gains if the current run-up was sustained in the coming weeks also.

Plus signs again dominated the list under the lead of Siemens Pakistan and Wyeth Pakistan, up by Rs36 and Rs100, followed by Pakistan Refinery, Arif Habib Ltd, Mari Gas, Attock Petroleum, Dawood Hercules, Nestle Pakistan, Treet Corporation, EFU General, Shell Gas and JS & Co, which posted gains ranging from Rs9 to Rs33.05. There were several other good gainers also.

Losers were led by Grays of Cambridge and Pakistan Engineering, off by Rs10 and Rs10.45. Other prominent losers included Sapphire Textiles, Javedan Cement, Suzuki Motors, Shield Corporation and Sitara Chemical, which suffered losses ranging from Rs5.25 to Rs5.40.

Trading volume showed a sharp expansion at 274m shares from the previous 195m shares as gainers held a strong lead over the losers at 225 to 130, with 44 shares holding on to the last levels.

JS Bank again topped the list of most actives, unchanged at Rs20 on 25m shares followed by Arif Habib Securities, higher by Rs5.45 at Rs173.40 0n 22m shares, Bank of Punjab, firm by Rs3.75 at Rs101.95 on 21m shares, OGDC, steady by five paisa at Rs122.35 on 16m shares, Lucky Cement, lower by 85 paisa at Rs122.75 on 9m shares and Bank Alfalah, higher by Rs1.30 at Rs55.70 on 8m shares.

Other actives were led by Javed Omer, up by Rs6.40 on 9m shares, followed by Pervez Ahmed Securities, up by Rs1.25 on 8m shares, Al-Abbas Cement, up by Re1 on 8m shares and Unity Modaraba, higher by 85 paisa also on 8m shares.

FORWARD COUNTER: Bank of Punjab led the list of actives on the cleared list, up by Rs3.70 at Rs102.60 on 5m shares followed by Lucky Cement, lower by 50 paisa at Rs123.90 on 4m shares and OGDC, unchanged at Rs121.50 on 3m shares.