KARACHI, Oct 1: Stocks on Monday reacted bullish apparently to the perception of continuation of the current financial and economic policies as the way for Musharraf’s re-election as president for the second term is clear after the dismissal of opposition petitions by the apex court but some analysts said the legal battle may not over yet.

The recomposed, KSE 100-share index soared by 385.68 points or 2.89 per cent at 13,737.47, adding about Rs111 billion to the market capital at Rs4.2 trillion or $70 billion in the post-apex court verdict, which is said to be all-time higher so far.

The free-float 30-share KSE index showed its career-best single-session rise of 593.60 points or 3.67 per cent at 16,776.69 and credibly matched the recent all-time high gains netted by its counterpart, the Mumbai Stock Index, over the last week of unprecedented price flare-up on massive foreign buying closing around 17,000 points.

The bulk of the buying interest remained confined to half a dozen leading base shares, notably MCB, OGDC, National Bank, Pakistan Petroleum, Pakistan Oilfields, Engro Chemical and some others, which together hold a weightage of well over 50 per cent in the index.

Literally, investors were a bit shaky and did not go beyond the safe havens of oil, bank, and cement sectors as no one was willing to take even a calculated risk at this stage, floor brokers said.

“We don’t call the snap run-up a deceptive net,” they said “but the situation is certainly fraught with high risks as there could be some surprises too in the coming legal battle in the Supreme Court,”

The initial buying euphoria could receive a major setback amid conflicting reports, including presidential candidates claim to seek review of the last Friday’s apex court’s larger bench ruling by the full court, analysts said.

The dismissal of petitions by the Supreme Court seeking verdict on his dual office on technical grounds and official seal on his eligibility to seek re-election by the Election Commission after accepting his nomination papers has cleared the way for him to contest presidential election on Oct 6, floor brokers said.

“The legal battle seems to have divided investors in two distant groups,” said a leading analyst.” Those, who think that the president could wade through the legal hitches led by the bulls.”

But those, who think otherwise, though did not turn bears, mostly played safe awaiting fresh developments on the legal front, he said adding “The talk of postponement of the presidential election for a specific period pending the apex court decision on the review petition could work against the market, terribly blunting the buying euphoria.”

But an objective view was that investors should not be carried away by the positive and negative political under current. ”The developing situation on the constitutional front could well prove a double-edged weapon.”

Plus signs were strewn all over the list under the lead of Nestle Pakistan and Siemens Pakistan, which were among the top gainers, up by Rs49 and 59. Other prominent gainers were led by Javed Omer, MCB, National Bank, Adamjee Insurance, EFU General, IGI Insurance, Pakistan Resource Co, Shell Pakistan, Unilever Foods, Shezan International, National Foods, Cherate Papersack, and Packages, which posted gains ranging from Rs10.35 to 20.There were many others, which rose by Rs5 to 10.

Some of the MNCs attracted selling under the lead of Clogate Pakistan and Unilever Pakistan, off by Rs16.50 and 35, respectively. Other losses were mostly fractional barring Kohinoor Mills, Crescent Textiles, Gatron Industries, Moonlite Pakistan and Al-Ghazi Tractors, off by Rs2.10 to 4.50.

The trading volume topped the 300 shares mark after three months at 317m shares as compared to 164m shares at the last weekend as gainers held a strong lead over the losers at 251 to 75, with 41 shares holding on to the last levels.

D.G.Khan Cement led the list of actives, up Rs3.65 at Rs113.65 on 22m shares followed by Lucky Cement, higher by Rs6.05 at Rs134.30 on 21m shares, OGDC, up Rs3.50 at Rs118.50 also on 21m shares, National Bank, sharply higher by Rs12.20 at Rs256.20 on 18m shares, Bank Alfalah, steady by Rs1.65 at Rs51.15 on 14m shares, Pakistan Petroleum, higher by Rs6.10 at Rs272.10 on 11m shares and Pakistan Oilfields, higher by Rs13.45 on 11m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, up by Rs1.20 on 14m shares, followed by WorldCall Telecom, lower 60 paisa on 12m shares and Engro Chemical, up by 5.60 on 10m shares.

FORWARD COUNTER: Lucky Cement led the list of actives on this counter, up by Rs4.85 at Rs133.65 on 11m shares followed by National Bank, Sharply higher by Rs12.25 at Rs258.05 on 5m shares and D.G.Khan Cement, higher by Rs4.50 at Rs112.95 on 4m shares.Bank of Punjab also came in for actives support and rose by Rs4.66 at Rs 97.90 on 4m shares and Fauji Fertiliser Bin Qasim, up by Rs1.12 at Rs45.80 on 3m shares.

DEFAULTER COS: Zeal Pak Cement led the list of actives on this counter, up five paisa at Rs4.55 on 3.452m shares followed by Pangrio Sugar, off 40 paisa at Rs10 on 0.630m shares followed by Nimir Chemical, unchanged at Rs4.10 on 0.549m shares, and Japan Power, firm by five paisa at Rs9.50 on 0.213m shares.

Unity Modaraba and Norrie Textiles followed them, lower five paisa and up by the same amount, respectively, at 75 paisa and 2.30 on 0.148m and 0.104m shares.

DIVIDEND: Fateh Textiles, cash 75 per cent, Ghani Glass, cash 20 per cent, bonus shares five per cent, Liberty Mills, cash 20 per cent, MACOAC Films, right shares 100 per cent, Sui Southern Gas, cash five per cent, Safa Textiles, five per cent, Network Microfinance Bank, right shares 50 per cent, Al-Abid Silk, cash 7.5 per cent, Crescent Fibres, bonus five per cent, Al-Khair Gadoon,10 per cent, Murree Brewery, cash 50 per cent, bonus shares 10 per cent.