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Pakistani stocks maintain upward drive

KARACHI — Pakistani stocks yesterday maintained their upward drive on active follow-up support in bank, cement and oil shares as investors ignored the possible negative fallout of the new legal battle in the apex court challenging the candidacy of President Musharraf for re-election.

Surging turnover figure and fresh rise in the index reflects the bulls' contention that the re-election of the president is a foregone conclusion.

The KSE 100-share index during the last two sessions has risen by 4.23 per cent or 470 points at 13,922.08, adding Rs168 billion to the market capital.

“I still think there could be more than one surprise in the coming sessions," an analyst said. He warned small investors not be carried away by the quick capital gains.

Stocks rose under the lead of blue chips as the buying support maintained its aggressiveness associated with a bull market despite fears that presidential election may be stayed pending apex court decision on the review petitions.

“The legal battle has just begun after the other presidential candidate challenged Musharraf's candidacy as an army chief,” analysts said. “He may wade through but the early euphoria associated with the apex court ruling and election commission clearance to the president is gradually fading out”.

Leading investors and punters played safe after having an overview of the developing situation on the legal and political fronts. Bulk of the support again remained confined to leading blue chips, including OGDC, Pakistan Oilfields, Pakistan Petroelum, National Bank, MCB, D.G.Khan Cement, Arif Habib Securities and some others.

Leading gainers were led by Unilever Pakistan and Siemens Pakistan, up by Rs75 and Rs47 respectively while losers were led by Nestle Pakistan and Wyeth Pakistan, off Rs39 and Rs97.50 repectively.

Trading volume showed a fresh increase at 355 million shares from the previous 317 million shares as gainers maintained a comforatable lead over the losers at 180 to 147, with 33 shares holding on to the last levels.