KARACHI, Sept 19: The KSE 100-share index on Wednesday broke the barrier of 13,000 points boosted by fresh active short-covering in the leading oil shares and some other blue chips but leading bears remained conspicuous by their absence as volume did not match the buying euphoria.
It finally closed to the session’s high at 13,127.58, up by 174.98 points or 1.35 per cent (2.71pc during the last two sessions) as leading base shares, notably Pakistan Petroleum, Pakistan Oilfields, National Bank, Engro Chemical and some others faced upper locks. The 30-share index also rose by 158.98 points at 15,832.82.
Apart from higher international oil prices some positive developments on the corporate front, generated a lot of covering purchases on selected counters on the perceptions of a massive capital gains, analysts said.
“The snap rally linked to world oil price flare-up is seldom considered reliable as it patters out along with the retreat in world oil prices trapping many speculative traders in its cobweb,” said a leading broker.
The run-up carried from the overnight session though was well-sustained but some of the leading investors were out of the game fearing legal standoff as the president has linked hanging up of his uniform to his re-election, they said.
The opposition parties on the other hand have earlier decided to resign from the assemblies en bloc if the president applied for his reelection by the current assemblies, they said.
But the sustained run-up reflects that bulls have ignored all the negative factors and may have some good reasons to brave the any future tide, they added.
“How the future political scenario unfolds itself will be known by the apex court ruling on the president’s dual office petition currently being heard by it,” some others said.
They said the changing background news both from the political and legal front did not allow investors to plan on long-term basis, although there were sound basis to build-up long positions on some of the counters at the current levels based on their dividend record and future growth potential.
Oil, cement and some of the banks shares are considered safe havens by most of the players and they are not inclined to go beyond them fearing financial risks, they added.
Attock Petroleum added another Rs21.84 to its overnight run-up and Nestle Pakistan gained Rs75, followed by JS & CO, Javed Omer, Adamjee Insurance, Central Insurance, Pakistan Tobacco, Attock Refinery, Pakistan Refinery, National Refinery, PSO, Mari Gas, Pakistan Petroleum, Engro Chemical, National Foods, Noon Pakistan, Shezan International, Packages, Chart Papersack Bata Pakistan and Tri-Pack Films, which posted gains ranging from Rs7.25 to Rs16.
Dawood Hercules and Shell Gas fell by Rs7 and Rs12.25. Others fell modestly under the lead of Arif Habib Ltd, EFU General, Al-Ghazi Tractors, Millat Tractors and Colgate Pakistan, off by Rs2.35 to Rs4.25.
Trading volume was maintained around the overnight level at 218m shares as gainers held a lead over the losers at 172 to 124, with 35 shares holding on to the last levels.
TRG again led the list of actives, lower 55 paisa at Rs14.80 on 21m shares followed by Engro Chemicals, sharply higher by Rs11.60 at Rs253.50 on 15m shares, Pakistan Petroleum, higher by Rs10.25 at Rs268 on 14m shares, Fauji Fertiliser Bin Qasim, up by Re1 at Rs43.60 also on 14m shares, Arif Habib Securities, off Rs1.90 at Rs141 on 12m shares, National Bank, up by Rs3.30 at Rs240.40 on 9m shares and Pakistan Oilfields, higher by Rs6.30 at Rs317.80 on 9m shares.
The other actives were led by Bosicor Pakistan, easy five paisa on 12m shares, Worldcall Telecom, up by 40 paisa on 11m shares and NIB Bank, up by Re1 on 8m shares.
FORWARD COUNTER: OGDC led the list of actives on the cleared list and was marked up by Rs2.85 at Rs115.35 on 8m shares followed by D.G. Khan Cement, steady by 35 paisa at Rs106.55 on 5m shares and Pakistan Petroleum, higher by Rs10.20 at Rs268.55 on 4m shares.
Engro Chemical followed them, up by Rs11.60 at Rs253.85 on 3m shares and National Bank, higher by Rs2.95 at Rs240.80 also on 3m shares.
DEFAULTER COMPANIES: Japan Power again led the list of actives, easy by five paisa at Rs10.25 on 0.783m shares followed by Nimir Chemicals, up by 10 paisa at Rs3.85 on 0.502m shares and Pangrio Sugar, up by Re1 at Rs7.20 on 0.450m shares.
Haydery Construction was off by 35 paisa at Rs1.30 on 0.415m shares, followed by Zeal Pak Cement, lower 10 paisa at Rs5.05 on 0.405m shares and Indus Polyester, off 35 paisa at Rs2 on 0.148m shares.
DIVIDEND: Chart Papersack, cash 20 per cent, bonus shares 25 per cent, Punjab Modaraba, cash six per cent, Ideal Spinning, cash five per cent Siddiqsons Tin Plate, cash 15 per cent, D.G. Khan Cement, cash 15 per cent.