KARACHI, Feb 27: The share market on Wednesday again turned lower after early higher opening as investors played on both sides of the fence apparently disappointed by below market expectations on corporate earnings by some of the leading companies.

The finish was well below the session’s highs on late profit-selling in some of the leading base shares under the lead of MCB Bank, OGDC and National Bank.

The opening was, however, fairly encouraging as the KSE 100-share index early rose to its new peak level of 15,155.01 points followed by renewed buying in most of the pivotals, notably Engro Chemical, Pakistan Oilfields, Bank AlFalah and Bank of Punjab.

The crossing of the barrier of 15,000 points is not that important as it has breached through it more than twice during the last week. What is important is investor’s confidence in the future share business and his willingness to take financial risks, said a leading stock analyst adding, “but that is missing for the moment.”

Buy or sell half a dozen leading base shares, including MCB Bank, OGDC, National Bank, Pakistan Petroleum and Pakistan Oilfields and PTCL and push the index where one likes it to be, including new lows and highs, he added.

“The talk of foreign buying appears to be based on the increase in SCRA figures but how one can assume that the entire amount was used to buy specific shares by the foreign investors,” he asked adding, “there could be other avenues for the foreign investors to invest but not in a political turmoil as the prevailing one.”

Although it managed to finish above the recently attained magic figure of 15,019.69, after losing most of the earlier gains, off 36.43 points as compared to previous 15,056.12 points, the 30-share index also fell by 41.61 points at 18,581.85.

“The market’s volatility is understandable as investors are not inclined to take long positions until the new set-up is in place,” analysts said. “What it more disturbing is conflicting statements by leading among them on the future of the president?”

Floor brokers said the late selling was attributed to below market expectations results of OGDC, which came out with an interim cash dividend of 20 per cent and the PTCL, the two leading index-based companies, while massive GDR- linked selling in MCB hastened the decline.

Millat Tractors interim of 125 per cent was, however, well received in the market as was reflected by a sharp increase of 13.75 in its share value.

The market talk of a higher cash dividend plus bonus shares of around 10 to 15 per cent by the National Bank in its board meeting on Friday was said to be the early boost, which pushed the index sharply higher. Its share value early rose to 272.50 on this assumption, they added.

Unilever Pakistan, National Foods and Siemens Pakistan were among the top gainers, up by Rs80.40 and Rs52.95, followed by Shell Pakistan, Attock Refinery, Central Insurance, Habib Bank, EFU General, Lakson Tobacco, Millat Tractor after the announcement of higher interim dividend of 125 per cent, Clariant Pakistan, Nestle Pakistan and AKD Capital, which posted gains ranging from Rs8 to Rs46.20.

Pakistan Services and EFU Life were leading among the losers, off Rs21 and Rs36.50. Other major losers were led by Sapphire Fibres, Arif Habib Ltd, Service Industries, Grays of Cambridge, MCB Bank, Pakistan Engineering, and Pakistan Services, off by Rs6 to Rs21.

Trading volume soared to 397m shares from the previous 266m shares but losers held a modest lead over the gainers at 181 to 155, with 43 shares holding on to the last levels.Bank of Punjab topped the list of actives, on strong local buying, up by Rs2 at Rs106 on 48m shares followed by NIB Bank, steady by 85 paisa at Rs22.25 on 37m shares, Bank AlFalah, up Rs1.15 at Rs61.35 on 29m shares, OGDC, lower by 85 paisa at Rs129.15 on 21m shares, Engro Chemical, higher by Rs7.95 at Rs315.30 on 15m shares.

National Bank followed them, lower 65 paisa at Rs268.25 on 15m shares, D.G. Khan Cement, sharply lower by Rs3.05 at Rs108.95 on13m shares and Pakistan Oilfields, higher by Rs6.75 at Rs352 on 13m shares, Nishat Mills, off Rs2.45 at Rs112.50 on 13m shares and Lucky Cement, lower by Rs1.50 at Rs129.95 on 12m shares.

FORWARD COUNTER: Bank of Punjab also led the list of actives on the cleared list, higher by Rs2.30 at Rs107.07 on 6m shares followed by OGDC, easy by 55 paisa at Rs129.95 on 4m shares and MCB Bank, sharply lower by Rs13.40 at Rs467 also on 4m shares.Engro Chemical followed them, higher by Rs6.13 at Rs302.75 on 3m shares and Bank of Punjab February contract, up Rs2.30 at Rs106.30 also on 3m shares.