KARACHI, Feb 6: The KSE 100-share index on Wednesday managed to sustain the index level of above 14,000 points with an extended gain, reflecting the strength of MCB Bank and some other blue chips on active follow-up support.

The dividend-linked rally manifested itself in a bigger way on those counters where announcements have now become due, pushing the KSE index further higher by 26.30 points at 14,018.18.

“But the current cold wave in the city took a massive toll of the daily volume figure, which shrank to only 128m shares as investors preferred to keep them warm indoors rather than indulging in share business,” a leading stock analyst Hasnain Asghar Ali said.

The single session lowest daily figure is well below 100m shares around 17m shares but caused by different reasons mostly technical and political.

Bulk of the support was terribly cautious, reflecting worries about the national elections and law and order situation, notably in the backdrop of occasional suicide attacks.

The heating up of the political scenario as the deadline of Feb 18 is steadily approaching, in a way also appears to be an inhibiting factor as no one is clear of their precise outcome or the winning party, analysts said.

“The oft-repeated allegations of pre-election rigging, violence during the voting and whether or not the contenders of power will accept the verdict of the people are some other investors’ concerns having toll in the form of daily volumes,” they added.

But as far as the current corporate scenario is concerned it is fairly encouraging both in terms of company earnings, payouts and exports despite a short crop, which could keep the market in good shape, some others said.

However, despite more than one irritant buyers are there in the market. Those were not inclined to take risks and want to play safe have opted for the low-priced issues. But big ones are playing in the blue chips according to their whims.

The volatile performance of the market also reflects this phenomenon, indicating that no one is inclined to take risk at this stage at least until the elections.

Leading gainers were led by AKD Securities, Bata Pakistan, JS and JS Globle, which posted gains ranging from Rs23.35 to 56.05, largest being in Siemens Pakistan. East-West Insurance, Attock Petroleum, and Abbott Lab followed them, up by Rs7 to 8.65.Leading losers were led by Lakson Tobacco, EFU Life, PSO, after the reconstitution of the board of directors, Shell Gas, Pakistan Engineering, Grays of Cambridge, Unilever Pakistan and Pakistan Services, which suffered fall ranging from Rs7 to 24.

Trading volume fell to 128m shares from the previous 154m shares but gainers trailed far behind the losers at 144 to 180, with 40 shares holding on to the last levels.

Netsol Technologies, higher by Rs4.10 at Rs139.90 on 11m shares followed by Arif Habib Securities, off Rs1.60 at Rs176.25 on 7m shares, NIB Bank, unchanged at Rs22.25 also on 7m shares, Javed Omer, up Rs2.05 at Rs137.55 on 5m shares, Dewan Salman, lower 10 paisa at Rs9.05 also on 5m shares, MCB Bank, higher by Rs6 at Rs410.30 also on 5m shares and Bank of Punjab, steady by five paisa at Rs90.70 on 3m shares.

Other actives were led by WorldCall Telecom, up one rupee at Rs17.30 on 5m shares, Azgard Nine, up 75 paisa at Rs52.70 on 4m shares and Fauji Cement, right shares, which opened at 35 paisa and closed 15 paisa down at 20 paisa also on 4m shares.

FORWARD COUNTER: Arif Habib Bank came in for active support and rose by Rs1.30 at Rs31.35 on 13m shares followed by MCB Bank, sharply higher by Rs5.45 at Rs408.95 on 4m shares and Bank of Punjab, lower 30 paisa at Rs91.25 on 2m shares and PSO, off Rs5 at Rs435 on 1m shares on selling followed by reports of reconstitution of its board of directors and postponement of the meeting from Feb 6 to 14.