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Index breaches 14,000 points level

It has already broke this barrier some time in March this year at 14,236.00 points and indications are that it surpass its previous all-time record during the current run-up, analysts said.

The net rise over the day was 123.93 points adding Rs.32.00 billion to the market capital at Rs.4,303.00 billion.The KSE 30-share index rose by 210.48 points at 17,258.86, to close at its new career-best level.

Fresh massive covering purchases in the leading bank and oil shares, OGDC, Pakistan Petroleum, National Bank, Attock Refinery and some others was said to be the chief inspiring factor behind the index's meteoric rise. The share market, therefore, maintained its winning streak for the fifth session in a row as investors were not inclined to take even technical breather despite two opinions about the presidential election on October 6.

The appointments of Joint chief of staff and vice chief of army staff,who eventually would take charge of the top army post after Gen.Musharraf retires after being re-elected president has, analysts said, reinforced the investor perception that political wind is blowing toward sanity ending the protracted state of uncertainty.

“There are,however,still two opinions about the possible apex court ruling on the review petitions seeking that president Musharraf is not eligible as candidate for the presidential election on October 6 in uniform,” they added.

The hearing on the issue,which resumed yesterday may not end before the deadline of October 6, and there are doubts in investor minds whether the apex court orders stay pending the decision or allows the election on the fixed date,some others said.

Buying support was largely selective as investors were not inclined to take risks until the apex court ruling on the presidential election.As a result,there a lot of profit-selling on some other counters.

Leading gainers were led by Siemens Pakistan and Unilever Pak Foods,which were quoted further higher by Rs.34.00 and 30.00, while Colgate Pakistan and National Foods were leading among the losers, off Rs.19.95 and 16.00.

Trading volume rose further to 379m shares from the previous 355m shares as gainers held a slight edge over the losers at 159 to 157, with 52 shares holding on to the last levels.

OGDC again topped the list of actives,up by Rs.4.25 at Rs.125.50 on 57m shares, followed by Pakistan Petroleum, higher by Rs.10.00 at Rs.285.00 on 28m shares, Bank AlFalah, higher by Rs.2.60 at Rs.55.40 on 24m shares, D.G.Khan Cement, off 70 paisa at Rs. 113.40 on 19m shares, Engro Chemical,up Rs.13.45 at Rs.282.95 on 18m shares,National Bank,higher by Rs.2.40 at R. 263.35 on 16m shares and Attock Refinery,higher by Rs.12.35 at Rs.259.85 on 12m shares.