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Index extends overnight gains

The KSE 100-share index posted a fresh modest gain of 18.98 points at 14,115.89 as compared to 14,096.91 points as leading base shares tended further higher.

Leading bank and cement shares, notably Bank of Punjab, Bank AlFalah, Lucky Cement, and D.G.Khan Cement came in for strong support and rose further higher. Its consolidation well above the barrier of 14,000 points reflects that the dividend-linked recovery tempo could be carried through the election deadline as some of the major payout announcements will be in the pipeline by the end of the current month, floor brokers said.

Analyst predictions of higher payouts and bonus shares by them on the heals of HinoPak Motors, Pakistan Refinery and JS group of companies, both bonus shares and interims did not allow investors to stay out of the arena.

But instances of pre-election selling by some of the short-term investors and jobbers were also not lacking as election results are still not clear despite the US-based foreign opinion polls in favour of PPP and Muslim League(N).

The elections will be considered wrigged if the PML-Q wins,and will be followed by a massive protest,opposition political leaders warns and that reflects the post-election scenario.Investors should draw their own conclusions about the possible negative fallout of the elections.

"No one could precisely predict about the typical Pakistan election results",predicts a leading analyst "there are many slips between the lip and the cup until the deadline".

Traded volume rose further to 281 million shares from the previous 246 million shares as gainers maintained a fair lead over the losers at 188 to 139,with 44 shares holding on to the last levels.

The most active list was topped by Bank of Punjab, up Rs2.30 at Rs95.45 on 23 million shares followed by Lucky Cement, firm by Rs1.55 at Rs12.25 on 17 million shares, Arif Habib Securities, off Rs1.55 at Rs179.35 on 16 million shares, NIB bank, steady by 45 paisa at Rs22.30 on 15 million shares, Bank AlFalah, higher by Rs1.90 at Rs58.05 on 13 million shares D.G.Khan Cement,up by Rs1.35 at Rs96.35 on 11 million shares and TRG Pakistan, firm by 10 paisa at Rs13.05 on 10 million shares.