Index consolidates above 14,000 points

The KSE 100-share index managed to finish with an extended gain of 53.93 at 14,099.94 compared to previous 14,046.01 reflecting the strength of leading bank shares, notably National Bank, PTCL, Bank AlFalah and Engro Chemical but the broad market was a bit weak on profit-selling.

However, analysts doubted its ability to sustain the newly attained level of 14,000 points as pre-Eid holiday selling and adverse ruling by the apex court on the review petitions could push it lower by the next week.

But foreign buying in some of the leading bank shares again figured prominently, having a stabilising impact on the other blue chip counters, although active profit-selling on some counters indicated that the current bull-run may have run its course, analysts said.

Some investors were also a bit worried over the legal battle in the supreme court where review petition of opposition candidates on the eligibility of President Musharraf as presidential candidate is being heared, they said.

"But the immediate worry is that whether the apex court will allow election on the scheduled date of October 6, or stay it pending its ruling on the petitions", said a leading broker.

However, as far as the basic market fundamentals are concerned they are positive in the backdrop of higher cash dividend and bonus shares pouring in in each session, he said.

But some others said the market has already crossed the rubicon after having hit the index level of 14,000 for the second time during the current year and may go for correction before the Eid holidays.

Unilever Pakistan and Pakistan Reinsurance Co were leading among the gainers, up by Rs75 and Rs18.20 respectively, while Rafhan Maize and Siemens Pakistan topped the list of losers, off by Rs50 and Rs29 respectively.

Trading volume sharply shrank to 288 million shares from the previous 379 million shares a day earlier as losers held a modest lead over the gainers at 165 to 151, with 39 shares holding on to the last levels.

National Bank topped the list of actives, up by Rs7.55 at Rs270.90 on 31 million shares followed by OGDC, lower by 50 paisa at Rs125.00 on 27 million shares, Lucky Cement, up Rs1.75 at Rs137.50 on 23 million shares, Engro Chemical, higher by Rs13.75 at Rs296.70 on 12 million shares, PTCL, up by Rs1.60 at Rs55.80 on 11 million shares, Bank AlFalah, firm by 95 paisa at Rs56.35 on 10 million shares and Pakistan Petroleum, off by Rs5 at Rs280 also on 10 million shares.