KARACHI, Jan 11: The KSE 100-share index on Friday breached through the psychological barrier of 14,000 points but ended well above the session’s low on late stray short-covering in some of the pivotals at the lower levels.

At one stage it shed well over 300 points and hit the session’s low at 13,740.82 after higher opening around 14,156 but late buying at the lows allowed it finish partially recovered.

The Thursday’s suicide attack in Lahore caused fresh widespread price erosions as investors liquidated long positions in near-panic fearing further violence.

After jealously guarding the psychological barrier of 14,000 points, the KSE 100-share index breached through it as sellers outnumbered the buyers in the absence of strong financial support.

It finally finished at 13,915.04, off 167.90 points or 1.19 per cent as compared to 14,082.94 a day earlier.

Floor brokers said the market had confidently been absorbing successive shocks since the assassination of Benazir Bhutto, but the spate of fresh violence could well prove a last straw on the camel’s back.

The breach of the psychological barrier was significant more than one ways, they said, adding it could lead to further erosions in the coming weeks.

“Some of the leading investors are also worried about the fate of national elections due on Feb 18,” said an analyst, adding “there is a loud whispering that polls could be further delayed if normalcy does not return to the political scenario”.

The setting of election date has generated a lot of buying by both general investors and speculative forces but some of them are appeared to be on their way out, he said.

“The absence of foreign investors is badly felt by their local trading partners who are not inclined to take new positions even at the current attractively lower levels and the market is feeling the pinch as their presence provide them the needed boost,” some others said.

Shezan International and JS & Co were leading among the gainers, up by Rs19.10 and Rs10, followed by Lakson Tobacco, Pakistan Services and National Foods, up by Rs9 to Rs10. Nestle Pakistan and Siemens Pakistan were top losers off by Rs85 and Rs83 respectively. Other prominent losers included Arif Habib Ltd, JS Global, Adamjee Insurance, EFU General, Attock Petroleum, Pakistan Oilfields, Sitara Chemicals, Mitchell’s Farms, Dawood Hercules and EFU Life, which suffered fall ranging from Rs9 to Rs26.90.

Trading volume rose to 256m shares from the previous 246m shares as losers held a strong lead over the gainers at 215 to 100, with 31 shares holding on to the last levels.

BankIslami Pakistan topped the list of actives, steady by 10 paisa at Rs18.10 on 15m shares followed by Sui Northern Gas, firm by 20 paisa at Rs70 on 12m shares, OGDC, lower 75 paisa at Rs119.35 on 11m shares, TRG Pakistan, unchanged at Rs13.35 on 9m shares, Pakistan Petroleum, off Rs3.50 at Rs246.50 on 8m shares and Pakistan Oilfields, sharply lower by Rs12 at Rs321.95 on 7m shares.

Other actives were led by Prudential Modaraba, lower five paisa at Rs3.50 on 11m shares followed by Bosicor Pakistan, easy 25 paisa at Rs202.20 on 8m shares, D.G. Khan Cement, up by Rs2 at Rs92 also on 8m shares and NIB Bank, easy by 60 paisa at Rs22.40 on 8m shares.

FORWARD COUNTER: Arif Habib Bank led the list of actives, lower by 30 paisa at Rs29.75 on 7m shares, followed by MCB, off by Rs6.55 at Rs381.95 on 5m shares and D.G. Khan Cement, higher by Rs1.90 at Rs92.50 also on 5m shares.

Lucky Cement followed them, steady by five paisa at Rs119.05 on 4m shares and National Bank, off Rs2.30 at Rs232.20 also on 4m shares.

DEFAULTER COMPANIES: Unity Modaraba again led the list of actives, lower by five paisa at Rs1.60 on 0.521m shares followed by Norrie Textiles, steady by five paisa at Rs2.05 on 0.458m and Haydery Construction, up by 90 paisa at Rs4 on 0.263m shares.

Indus Polyester was quoted unchanged at Rs2.70 on 0.367m shares followed by Pangrio Sugar, higher by 90 paisa at Rs28.40 on 0.245m shares and Japan Power, up 35 paisa at Rs7 on 0.226m shares.

DIVIDEND: Alfalah GHP Income Multiplier Fund, bonus shares at the rate of Rs2.375 per unit or 4.75 per cent of Net Asset Value (NAV) of Rs50, Progressive Insurance, right shares 90 per cent and Tandlianwala Sugar, nil.