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Investors sustain bullish trend on renewed support

KARACHI — Pakistani share market yesterday remained in a bullish frame of mind on fresh strong buying on selected counters triggered by Bush's renewed support to the president and endorsement of his policies leading to a democratic rule.

The KSE 100-share index posted a fresh rise of 33.89 points at 13,542.87 as compared to 13,508.98 a day earlier as leading base shares in oil, banking and cement sectors finished with an extended gain. But it ended well below the session's high of 13,624.14 on late selling.

The index appears to be in a consolidating mood and is expected to bounce back to its pre-reaction level before the year is out after the dust raised on so many issues settles, said a leading broker.

"As most of the legal irritants linked to his eligibility for the second presidential term are fading out one by one, president Bush's renewed support came at a time when he needed it most to brave the local political turmoil", analysts said. All still may not be well on the political front in relation to the national elections due on January 8, but the perception of continuity in the financial and economic policies under him did not allow investors to lay guard at this stage, they added. The performance of the market during the last four sessions, which caused price flare-ups on the blue chip counters and pushed the index by 500 points or 4.00 per cent reflects that investors are back in the market and for good reasons too, some others said.