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KSE index crosses the barrier of 9,300 points

KARACHI — The KSE 100-share index yesterday breached through the barrier of 9,300 points on massive index-related buying,signalling that its next chart point could be 10,000 and possibly beyond.

It finally finished with a fresh smart rise of 118.29 points or 1.3 per cent at 9,344.70 as compared to 9,226.41 at the last weekend session. The openig upward drive has reinforced the investor perception of further increase in most of the low-priced shares.

PTCL led the extended rally amid rumours that deal with the Etisalat has been reached with some changes in the original document relating to payment schedule details of which are expected to be announced shortly.

Fauji Fertiliser bin Qasim, OGDC, MCB, Fayal Bank, Nishat Mills and TRG Pakistan among the low-priced shares were some other outstanding gainers.

The market also welcomed the appointment of woman governor of the State Bank of Pakistan for the first time in the bank's history as was reflected a fresh buying surge in the leading bank shares.

There is no specific background news from the corporate or economic front to which the sustained run-up could be attributed that too in the backdrop of latest tussle between the SECP and the bourses over the non-member chairmen.

"The current run-up appears to be straight fight between the contenders of power as leading brokers and bourse members seems to have decided to fight on the issue on the KSE floor rather than official talks", analysts said.

But unlike the previous tussles on CFS, March market collapse and some others, Bourses have put up a massive show of strength and are out to go alone to attain the new index level irrespective of fresh irritants, they said.

"In the final analysis it could well be no-win situation for one of them as the directive is expected to stay in place sans official intervention at the highest level", some others said.

"The market's upward drive appears to be speculative and leading analysts warned investors notably small one to play safe as anything could happen if the bourses opted to go alone on the chairmen issue".

Plus signs dominated the listm, Wyeth Pakistan and Unilever Pakistan being the top gainers, up Rs50.00 each, while, Nestle Pakistan and Siemens Pakistan fell by Rs25.00 and 43.95.

Trading volume rose to 487m shares from the previous 385m shares as gainers maintained a strong lead over the losers at 244 to 112, with 38 holding on to the last levels.

Fauji Fertiliser bin Qasim topped the list of actives, on reports of higher interim earnings, up Rs1.90 at Rs40.10 on 84m shares followed by PTCL, higher by Rs1.55 at Rs65.60 on 77m shares, OGDC, steady by 30 paisa at Rs114.30 on 30m shares, MCB, higher by Rs4.15 at Rs168.40 on 21m shares, DG Khan Khan Cement, firm by 55 paisa at Rs108.80 on 18m shares, Nishat Mills, higher by Rs4.20 at Rs109.35 on 16m shars and Faysal Bank,up Rs1.80 at Rs73.95 on 16m shares.