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Oil and bank shares extend market gains

After having touched session's high in early trading at 14,614.02,the KSE 100-share index later finished with a clipped gain of 97.74 points at 14,571.64 as compared to previous 14,473.90 at the last weekend. The KSE 30-share index on the other hand rose by 135.43 points at 17.520.48.

Among the leading base shares,which gave a fresh boost to the index were OGDC, Pakistan Petroleum, National Bank, MCB, Arif Habib Securities and Engro Chemicals.

Although the last week's buying euphoria showed signs of a slow down on technical grounds but the underlying sentitment signals that the current run-up was not yet overdone, analyst Ahsan Mehanti believes

"The worries over the election results are there but the perception that it is being held as scheduled reinforced the investor confidence the sailing now will be smooth", he added.

Another leading analyst Ashraf Zakaria said the market is expected to keep its current stance before the eid holidays despite the fact that some of the weekholders may indulge in profit-selling at the higher levels.

"The perception that the leading political parties People's Party, and Nawaz League have announced to take part in elections could lend the needed credibility to the entire exercise", he added.

Analyst Hasnain Asghar Ali said all hopes of investors are focused on the election results,and continuation of the current financial and economic policies of the future political set up, adding the presence of foreign buying has given credence to a loud whispering the post-election scenario could be normal for the capital markets".

That is perhaps why that the market maintained its upward drive on active follow-up support on the bleu chip counters.

Leading gainers were again led by JS & Co, and Bata Pakistan,up by Rs38.25 and 24.00,while losers were led by Wyeth Pakistan and Rafhan Maize, off by Rs. 60.00 and 35.00.

Trading volume on the other hand showed sharp decline at 255 million shares as compared to 313 million shares at the last weekend, but gainers held a strong lead over the losers at 202 to 162,with 39 shares holding on to the last levels.

Arif Habib Securities topped the list of actives,up by Rs2.80 at Rs176.30 on 21 million shares followed by OGDC,firm by Rs1.10 at Rs127.10 on 16 million shares, Pakistan Petroleum, up Rs2.80 at Rs257.75 on 13 million shares, Bank of Punjab, higher by Rs1.35 at Rs104.10 on 12 million shares, National Bank, higher by Rs1.55 at Rs250.30 on 9 million shares, and Engro Chemical,higher by Rs2.80 at Rs280.50 on 8 million shares.