KARACHI, Aug 30: The KSE 100-share index on Monday took an unexpected plunge apparently overshadowing the assumption of an executive power by Prime Minister Shaukat Aziz but the future outlook appears bullish.

The perception that consistency in economic and financial policies initiated by him during the last five years and with positive end-results too aided by higher corporate announcements could sustain any future run-up, hopes an analyst.

However, the opening was on a higher note but stocks fell across a broad front later as a spate of selling spilled over from the carryover market halted the upward drive.

The KSE 100-share index suffered a sharp setback of 64.13 points at 5,329.86 as compared to 5,393.99 at the last weekend as all the leading base shares received massive battering.

"I don't think bears have the guts to negate the objective changes on the political front", predicts a leading analyst "the man of finance is in as a prime minister with wider power".

But some others said the market had already gave a favourable reaction to the Shaukat Aziz since his election victory to the top slot during the last couple of weeks.

Snap selling from the carryover market was long overdue but it came at a time when investors needed a major boost to give a bullish welcome to Shaukat Aziz, they said.

Both investment and volume on the carryover market were at a record high of Rs28 billion and 546m shares and it was speculated it could overshadow some of the positive news both on the political and corporate fronts, brokers said and added "both the weakholders and some institutional traders chose the week's opening session to alight their burden".

News from the corporate sector were pretty encouraging as annual profits announced by National Bank, MCB, and Bank Alfalah at Rs2.189 billion, Rs1.289 billion and Rs593 respectively were on the higher side of the market expectations but they came at a time when leading market players were busy with the market technicalities.

Their final dividends are expected to be on the higher side, and so are expected to be from the other leading companies whose board meetings are due during the next couple of days.

Analysts said the market will be back on the rails after technical correction as the "Shaukat Aziz factor" will remain dominating force behind the future stock trading.

Although losing shares dominated the list some of the leading shares managed to finish with extended gains, leading among them being Unilever Pakistan, EFU General Insurance, Atlas Honda, Atlas Battery, Pakistan Cables and some others, rising Rs5 to Rs15.35. Tri-Pack Films and Arif Habib Securities also up by Rs3.85 and Rs4 respectively.

Losers were led by Lakson Tobacco, Colgate Pakistan, National Refinery, EFU Life Assurance, Aventis, Grays of Cambridge, and Shell Gas, off Rs5 to Rs19. Gatron Industries, International Industries, Pakistan Engineering and Siemens Pakistan also fell by Rs4 to Rs5.

Trading volume fell to 170m shares from the previous 247m shares as losers held a strong lead over the gainers at 229 to 93 with 32 shares holding onto the last levels.

D.G.Khan Cement topped the list of actives, steady five paisa at Rs57.30 on 17m shares followed by ICI Pakistan, higher by Rs1.45 at Rs92.90 on 16m shares, National Bank, off 90 paisa at Rs70.40 also on 16m shares, Pakistan Petroleum, lower 80 paisa at Rs107.50 on 14m shares, OGDC, off 80 paisa at Rs65 on 11m shares and Bank of Punjab, lower by Rs1.25 at Rs66.50 on 8m shares.

Other actives were led by Sui Northern Gas, off Rs3.05 on 10m shares, F.F.Bin Qasim, each 55 paisa on 9m shares, Maple Leaf Cement, lower 35 paisa also on 9m shares, PTCL, off 55 paisa on 8m shares and Askari Commercial Bank, lower Re1 on 7m shares.

FORWARD COUNTER: Apart from Pakistan Petroleum, the other actives were led by National Bank, off Rs1.10 at Rs70.70 on 4m shares followed by OGDC, lower 75 paisa at Rs65.30 on 4m shares, Sui Northern Gas, off Rs3.05 at Rs58.75 on 4m shares and PTCL, easy 60 paisa at Rs41.55 also on 4m shares.