KARACHI, April 16: The KSE 100-share index on Wednesday hit another record high at 15,635.55 points early in the session on strong follow-up support in leading oil shares and blue chips but failed to sustain it on late selling and finished with a fractional gain of about two points.

The crucial level, analysts believe, could well prove a launching pad for its onward march to its next target of 16,000 points well before the national budget in early June.After having turned to highly erratic movements, touching the highest and the lowest at 15,635.55, and 15,463.14, its new career best level, it finally ended at 15,540.35, up fractionally by 1.90 points as compared to 15,538.45 points a day earlier.

Economic worries in the backdrop of a fresh record increase in the world oil prices at $114 and its chain negative impact on the world economies in the coming months are there and together with the local financial constraints, notably high rate of inflation, the future share business outlook appears to be a bit gloomy.

But the market has its own reasons to react in different ways and that is perhaps why investors seem to be least concerned with the outside world, some floor brokers think.The highly volatile performance of the market does not in any way reflect that the investors are still in two minds about the future market outlook; it certainly shows that the buying interest is steadily expanding amid active bouts of buying and selling.

“Volatility is understandable as in market parlance it adds strength to the underlying sentiment rather than signaling an uncertain share business outlook,” said a leading analyst, adding: “The important factor is that there are buyers and sellers despite the presence of some strong irritants both political and financial.”

Leading gainers were led by Pakistan Reinsurance Co. and National Foods, up by Rs31.95 and Rs22.50, followed by Lakson Tobacco, PSO, Shell Pakistan ahead of its board meeting on Thursday, Engro Chemical, Grays of Cambridge, Treet Corporation, Colgate Pakistan, Unilever Pakistan, Fazal Textiles and Dawood Hercules, which were quoted higher by Rs8 to Rs21.70.

Prominent losers were led by Nestle Pakistan and Mari Gas, off by Rs30 and Rs9.95, respectively. JS & Co, EFU General, Al-Ghazi Tractors, Excide Pakistan, Attock Petroleum and Shell Gas followed them, lower by Rs6 to 8.

Trading volume rose to 268m shares from the previous 222m shares as gainers maintained modest lead over the losers at 169 to 160, with 35 shares holding on to the last levels.

Engro Chemical topped the list of actives, sharply higher by Rs8.25 at Rs368.20 on 22m shares on reports of higher earning followed by reports of expansion in product-line, Bank of Punjab, firm by 50 paisa at Rs62.25 also on 22m shares, Fauji Fertiliser Bin Qasim, lower 75 paisa at Rs40.80 on 16m shares.

Pace Pakistan closed steady by 10 paisa at Rs39.40 on 14m shares, Pakistan Petroleum, up by Rs3 at Rs272 also on 14m shares, PTCL, higher by Rs1.35 at Rs49.40 on 13m shares, Pakistan Oilfields, higher by Rs4.95 at Rs407.45 also on 13m shares.

Other actives were led by Lucky Cement, firm by 35 paisa at Rs146.60 on 9m shares, Pervez Securities, easy by 25 paisa at Rs80.10 on 8m shares and Arif Habib Securities, steady by 10 paisa at Rs186.60 also on 8m shares.

FORWARD COUNTER: Engro Chemical also led the list of actives on the cleared list, higher by Rs8.50 at Rs368.45 on 9m shares, followed by Bank of Punjab, steady by 40 paisa at Rs62.40 on 8m shares and Pace Pakistan, up 30 paisa at Rs39.75 on 5m shares. Pakistan Oilfields followed them, higher by Rs4.20 at Rs406.50 on 5m shares and Lucky Cement, up 55 paisa at Rs147.15 on 4m shares.