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Share index maintains upward drive

The overdue technical correction made its debut after two week's sustained run-up but heavy GDR-related buying in MCB allowed the index to finish with a fresh rise of 61 points at 14,632.64. Its junior 30-share index on the other hand closed with a fresh rise of 166.97 points at 17,687.45.

Analysts said the market should have ran into deeper recession but strong buying in MCB (Muslim Commercial Bank), on the forward counter allowed it to maintain a steady posture.

"It appears to be the MCB day, which jumped up by Rs20.35 at Rs427.85 on 10m shares," they said adding "having a largest weightage in the index (11 per cent), it pushed it up by another 61 points along with some pivotal oil shares, notably Pakistan Oilfields and Attock Refinery."

However, there is nothing to suggest that the current run-up is overdone in the backdrop of heating up of the political scenario as investors are in no mood to entertain worries associated with the election, some others said.

The important thing, which seems to have encouraged investors to remain in the market is the fact that elections are being held and major political parities will participate in it, they said adding the "threat of enblock boycott by the political parties has faded".

Although profit-taking most of the blue chips on all the counters, leading among them managed to finish with an extended gain under the lead of Askari Bank, Attock Refinery and DG Khan cement.

Among the gainers, Wyeth Pakistan and JS & Co were leading,higher by Rs50.00 and 40.15, while Siemens Pakistan and Nestle Pakistan were top losers, off by Rs20.00 each.

Trading volume showed a modest rise at 277 million shares as compared to 255 million shares a day earlier as losers held a modest lead over the gainers at 189 to 163, with 45 shares holding on to the last levels.

Pakistan Cement topped the list of actives,up one rupee at Rs11.85 on 20 million shares followed by Askari Bank, higher by Rs4.00 at Rs98.50 on 18 million shares.