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Index ends above 15,000 points

It was, however, not the Monday’s repeat performance as the KSE 100-share index crossed the barrier of 15,000 after moving both ways and managed to sustain it despite late selling.

Final close was around slightly above the barrier at 15,056.12, up 108.58 points, which incidentally was close to session’s high. The level is terribly vulnerable and indicates that investors are unsure about positive developments on the political front despite the fact that the people have spoken the truth.

The free-float 30 share index on the other hand maintained its upward drive and posted a fresh sharp rise of 20.911 points at 18,623.46 points.

“The market remained unsettled followed by conflicting statements by the would be coalition partners about the future role the president,” said a leading analyst “fears that the coalition partners may not agree on certain conditions led to high volatility.”

But some independent observers of the situation think everyone would perhaps toe the US line being aired by various sources after the dust settles down on the political front.

However, the dividend related alternate bouts of buying and selling figured prominently on those counters where announcements were made.

For instance, 20 per cent bonus shares by Meezan Bank and 15 per cent cash and 23 per cent bonus shares by Bank Alfalah were well-received in the market as both were above the analysts expectation.

Final dividend of 100 per cent, 30 per cent cash already paid on the other hand was said to be well below the market expectations as was reflected by post-dividend fall in its share value.

How the market will react to today’s board meetings of two major companies, PTCL and OGDC and Friday’s National Bank meeting along with some positive developments on the political front, will set the future market direction, said a floor broker.

Unilever Pakistan and AKD Capital were among the top gainers, up by Rs76.55 and 44.00, while Siemens Pakistan led the losers, off by Rs65.50 and 14.90 respectively.

Trading volume showed fresh modest fall at 267 million shares from the previous 273 million shares as losers again held modest lead over the gainers at 166 to 158, with 44 shares holding on to the last levels.

DG Khan Cement led the list of actives on reports of higher earnings and was quoted higher by Rs3.45 at Rs112.20 on 8 million shares followed by Lucky Cement on reports of its GDR issue, higher Rs3.70 at Rs131.45 on 25 million shares, Nishat Mills, firm by Rs5.45 at Rs114.95 on reports of higher dividend, Fauji Fertiliser bin Qasim, up Rs1.35 at Rs43.75 on 11 million shares, National Bank, steady by 90 paisa at Rs268.90 on 10 million shares, Arif Habib Securities, higher by Rs1.60 at Rs183.45 also on 10 million shares and OGDC, up 75 paisa at Rs130.00 on 9 million shares.