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Equities maintain upward thrust; index up 119 points

KARACHI — The KSE 100-share index yesterday maintained its upward thrust on active follow-up support in the leading base shares, notably MCB and OGDC and finished with an extended gain of 119.07 points at 14,486.06.

"If the current buying flurry is sustained during the post-eid holiday trading sessions also, I think its next near-term goal could be the index level of 15,000 points", said a leading analyst.

The next three sessions preceding the four eid holidays could be very crucial for the future direction of the market but one thing appears certain that the "inspired bulls will retreat after having kissed their new chart point, some others said.

But some others said the index-based buying euphoria could be terribly deceptive and could wipe out billion of rupees just in no time if the "inspired bulls desire so", he warned prospective investors about financial risks involved in such snap and speculative rallies.

However, the finish was well below the session's high of 15,536.49 points on late selling in some of the leading base shares including National Bank,Bank of Punjab, Bank AlFalah and some others.

The post-eid holiday trading will follow the proceeding in the apex court from Oct 17, on the president's eligibility as a presidential candidate and some other related issues including notification on his victory in Oct 6, election raised in the petitions, analysts said.

The broader market ruled weak owing to profit-selling ahead of long week ahead, bank shares being leading among the losers and so did some other blue chips, which ensured capital gains during the current run-up.

Although losers forced a modest edge over the gainers on late selling, some of the leading shares managed to finish higher under the lead of Shezan International and Nestle Pakistan, up by Rs19.15 and 20.00, while Unilever Pakistan and Siemens topped the losers, off by Rs.25.00 and 58.95.

Trading volume was maintained on the higher side at 357 million shares as compared to previous 344 million shares but losers held a lead over the gainers at 172 to 166,with 49 shares holding on to the last levels.

OGDC,led the list of actives, up Rs5.05 at Rs130.45 on 88m shares followed by Arif Habib Securities, higher by Rs7.40 at Rs 159.50 on 24 million shares, Bank of Punjab, off Rs3.00 at Rs105.70 on 16 million shares, Bank AlFalah, lower by Rs2.10 at Rs60.00 on 11 million shares, National Bank, off Rs3.35 at Rs275.50 on 11 million shares, Askari Bank, lower by Rs1.70 at Rs 103.55 on 9 million shares and Fauji Fertiliser Bin Qasim, easy by 40 paisa at Rs45.80 also 9 million shares.