KARACHI, Aug 11: The share market closed with an extended gain on Monday as investors continued to build up long positions at attractively lower levels, aided by strong presence of the equity market support fund, which at one stage pushed the 100-share index to session’s peak level of 10,240.48 after having breached through the barrier of 10,000 points.

An idea of extended bull-run may well be had from the fact that Karachi Stock Exchange 100-share index again broke the barrier of 10,000 points, up by 2.65 per cent on reports that the Moody’s rating agency has maintained stable outlook for Pakistan economy despite political turmoil and a terribly weak rupee at a record low of Rs74.50 to a dollar. It finally finished the session with a net gain of 262.41 points at 10,171.86, adding Rs76 billion to the market capital as some of the leading base shares closed with upper locks on strong short-covering in banking and oil sectors. Its junior partner added 356.52 points to the weekend rise at 11,518.56.Although it has still to go a long way to attain its pre-reaction level of well over 15,000 points, the strong equity fund support signaled the shaky investors to buy as the market has already hit the bottom and now is the turn of a sustained bull run.The economy may not be that strong as Moody’s think in the backdrop of whisper of another short cotton crop but it has the potential to rebound if current political power tussle is resolved amicably, some brokers said.

“The political uncertainty is now at its peak amid fears whether or not the president will resign or stay in the arena,” said a leading stock analyst Hasnain Asghar Ali, adding: “but the fund managers seem to have whispered in the ears of massively mauled investors to ride the bandwagon.”

But thin volume of 122 million shares as compared to above average daily 250 million shares in normal political conditions shows that a good section of investors was still in two minds and awaiting further developments on political front, notably the issue of president’s impeachment.

Analyst Ahsan Mehanti said it is too early to say something about the return of foreign investors in an oversold market, adding: “they will probably await the outcome of president’s impeachment before resuming local activity.”

On technical grounds also, many investors who can peep through the future never miss a highly oversold market and remain steady buyers, of course, having covered their future financial losses, if any, by hedging somewhere else.

Among the top gainers, Shell Pakistan and JS & Co were leading, up by Rs17.43 and Rs14.94, followed by MCB Bank, EFU Life, Attock Petroleum, PSO, which rose by Rs13.43 to Rs14.49. National Bank, Packages, Attock Refinery, Engro Chemical, EFU General, and Adamjee Insurance were quoted higher by Rs5.10 to Rs9.

Losers were led by Unilever Pakistan after the announcement of 220 per cent interim dividend, which seems to have fallen below market expectations, Pakistan Services, and Sapphire Fibres, off Rs88.50 and Rs24.35 and Rs13.17, respectively.

But on the other hand, PNSC, Dawood Bank, KASB Securities, Agriautos and Javen Cement fell modestly by Rs2.34 to Rs4.49.

Trading volume showed a modest rise at 122m shares from the previous 89m shares as gainers maintained strong lead over losers at 199 to 71, with 14 shares holding on to the last levels.

NIB Bank topped the list of actives, steady by nine paisa at Rs9.12 on 13m shares, followed by D G Khan Cement, higher by 89 paisa at Rs48.98 on 9m shares, OGDC, up by Rs4.45 at Rs111.60 on 8m shares, Arif Habib Securities, firm by 50 paisa at Rs119.25 also on 8m shares, National Bank, higher by Rs5.43 at Rs114.10 on 5m shares, Pakistan Oilfields, up by Rs1.57 at Rs284 on 4m shares, Bank Alfalah, firm by 29 paisa at Rs36.77 on 4m shares and Engro Chemical, sharply higher by Rs9 at Rs196.50 on also on 4m shares.

Other actives were led by Zeal Pak Cement, up one paisa at Rs1.56 on 5m shares, and Lucky Cement, lower by Rs1.20 at Rs74.30 on 4m shares.

FORWARD COUNTER: OGDC led the list of actives on this counter, higher by Rs.4.01 at Rs112 on 2m shares followed by NIB Bank, steady by 15 paisa at Rs9.15 on 2m shares and Arif Habib Securities, up by Rs1.20 at Rs120.20 on 1m shares.