KARACHI, May 2: The share market on Friday showed a guarded optimism to the reported breakthrough in Dubai talks between the PPP and the PML-N leading to the possible reinstatement of deposed judges of the superior judiciary to their pre-Nov 3 position through an executive order but failed to sustain initial gains on late hasty selling in most of the pivotals amid fears of its passage in the parliament.

The investors’ future worries were well reflected in the KSE 100-share index, which breached through the psychological barrier of 15,000 points, sending distress signals among the investors amid market talk that foreign investors are terribly shaky and are getting out of the market leaving behind a long list of major casualties.

After early rising to session’s high of 15,196.78, 75 points higher against the previous close, on early support, it steadily fell from the peak level on persistent selling and ended with a fresh sharp fall of 165.65 points at 14,956.82 as compared to 15,122.47 a day earlier.

Most of the leading bases shares, notably on the oil counter, suffered sharp fall but some other leading shares, rose under the lead of MCB Bank, Engro Chemical and Bank Alfalah but failed to check the market fall.

Analysts warned investors to await more details about the deal to be announced by Nawaz Sharif later in the evening at a press conference and not to hasten to ride the bandwagon.

“In the backdrop of conflicting interests between the major coalition partners on some basic issues, there could still be many a slips between the cup and the lips,” they said.

But how the presidency looks at these legal developments will be known after the parliament meets and the executive order by the prime minister restoring judges comes into force, some others said.

Investors were, therefore, still in two minds about the future direction of the political events and that is perhaps why that there was a lot of profit-selling later partly because of perception of an uncertainty and weekend considerations, they added.

Minus signs again dominated the list under the lead of Unilever Pakistan, EFU General, and AKD Capital, which fell by Rs59.99, Rs33.50 and Rs32.99, followed by Pakistan Reinsurance Co, Habib Bank after being ex-dividend, ex-bonus, Lakson Tobacco, Attock Refinery, Pakistan Refinery, Mari Gas, Dawood Hercules, BOC Pakistan, Packages, National Foods, and JS & Co, off by Rs9.01 to Rs29.20

But on the other hand Siemens Pakistan and Shezan International managed to finish higher by Rs35 and Rs18.27. Other good gainers were led by Adamjee Insurance, MCB Bank, EFU Life, IGI Insurance, Fazal Textiles, Sapphire Textiles, Sapphire Fibre, Service Industries, Gillette Pakistan, Attock Petroleum and Ferozsons Lab, up by Rs5 to Rs13.70. Trading volume fell to 201m shares from the previous 219m shares as losers held a fair lead over the gainers at 205 to 129, with 18 shares holding on to the last levels.

Bank of Punjab led the list of actives, off Rs2 at Rs58, followed by Bank Alfalah, firm by 62 paisa at Rs55.70 on 11m shares, Nishat Mills, easy 40 paisa at Rs130.60 also on 11m shares, MCB Bank, higher by Rs6.88 at Rs421.88 on 10m shares, Arif Habib Securities, steady by 71 paisa at Rs183.96 on 8m shares, Engro Chemical, higher by Rs2.75 at Rs331.80 on 6m shares and D.G. Khan Cement, off Rs1.73 at Rs107.47 on 5m shares.

Other actives included Pak PTA, up 44 paisa at Rs5.60 on 18m shares, TRG Pakistan, off one rupee at Rs8.95 on 8m shares, and Pervez Securities, off Rs2.66 at Rs91.99 on 6m shares.

FORWARD COUNTER: Bank of Punjab was also actively traded on the cleared list and was marked down by Rs1.76 at Rs58 on 15 paisa shares followed by MCB Bank, higher by Rs7.90 at Rs426 on 5m shares and Nishat Mills, lower by 55 paisa at Rs131.75 on 4m shares.