KARACHI, March 12: The Karachi Stock Exchange (KSE) 100-share index on Wednesday soared above the barrier of 15,000 points aided by strong short-covering in the leading base shares on some positive developments on the political front, including calling of the National Assembly session on March 17.

It finished the session, up 227.64 points or 1.52 per cent at 15,171.42, signaling that it could now maintain its upward thrust beyond the barrier as transition to full democracy appears to be inches away.

The 30-share free float index rose by 321.45 points at 18,706.05.

Leading base shares, notably MCB Bank, National Bank, PTCL, OGDC, Engro Chemicals and some others came in for active support and led the market advance.

Selective support on the blue chip counters figured prominently as market made decisive breakthrough as investors resumed their normal activity though played on both sides of the fence.

Although assembly session has been called on March 17, conflicting news about the rigid positions taken by both the political parties and the presidency on some issues, including restoration of the apex court judges, continue to worry investors, floor brokers said.

“There may be a long legal battle on the issue but it is not a no-win situation and the truth will finally prevail,” they said adding “the speculation about a major standoff on some of the issues may keep the buying interest at a low key.”The market may gave a volatile performance during the next two sessions but the next week could be crucial for its future direction based on the loud whispering from the assembly session, some others said.

However, foreign investors are expected to await further development on the political front before resuming their normal trading activity mostly on the “safe havens” for the time being.

Despite higher exports, analysts were worried over the steep fall of 95 per cent in the interim profits of the cement sector, at only Rs65 million as compared to Rs1.347 billion during the same period a year ago.

There are some exceptions too as some of the leading shares, among them, notably Lucky Cement and D G Khan Cement maintained their winning stream, but based on the entire sector the earnings are terribly low and could have a negative fallout on other counters, they fear.

Leading gainers were led by JS & Co and EFU Life, up by Rs33 and Rs26.15, followed by Engro Chemical, Thal Industries, National Bank, Adamjee Insurance, EFU General, Murree Brewery, Sapphire Fibres, United Bank, MCB and Fazal Textiles, which were quoted higher by Rs6 to Rs15.

Wyeth Pakistan and AKD Securities were notable among the losers, off Rs50 and Rs32, respectively. Other prominent losers included Bata Pakistan, JS Global, United Sugar, Sanofi-Aventis, Colgate Pakistan and Shezan International, off by Rs5 to Rs18.50. Trading volume soared to 309m shares on heavy buying in some of the blue chips, as gainers forced a strong lead over losers at 209 to 149, with 36 shares holding on to the last levels.

Lucky Cement topped the list of actives, up by Rs3.50 at Rs137.90 on 34m shares followed by Fauji Fertiliser Bin Qasim, steady by Rs1.15 at Rs46.65 on 25m shares, NIB Bank, lower by 75 paisa at Rs19.60 on 23m shares, OGDC, firm by Re1 at Rs136.00 on 16m shares, and D G Khan Cement, up by Rs2.45 at Rs108.65 on 15m shares.

Other actives were led by the PTCL, higher by Rs1.40 at Rs45.85 on 14m shares, National Bank, higher by Rs6 at Rs268.90 on 12m shares, Pakistan Oilfields, up by Rs2.45 at Rs365.45 on 8m shares, Pak PTA, steady by 25 paisa at Rs5.55 on 19m shares and Azgard Nine, higher by Rs2.80 at Rs64.50 on 10m shares.

FORWARD COUNTER: Bank Al-Falah led the list of actives on this counter, up 85 paisa at Rs52.65 on 15m shares, followed by Lucky Cement, higher by Rs2.70 at Rs138.35 on 8m shares and MCB Bank, sharply higher by Rs11.50 at Rs404.50 on 7m shares.