KARACHI, March 6: The KSE 100-share index on Thursday settled well above the barrier of 15,000 points on strong foreign buying in the leading oil shares and analysts said it is heading to set a new all-time high not in a very distant future. The KSE 100-share index was up by 1.24 per cent or 185.55 points at 15,143.37, being its career-best level so far.

They said foreign and local investors resumed short-covering on the perception that sailing on the political front may remain smooth after the coalition governments are in place both at the centre and the provinces.

“The post-election political dust raised by the vested interests is expected to settle down after the new set-up takes control and announce fresh guidelines to put the economy back on the rails,” they added.

The KSE 100-share index added another 185.55 points or 1.24 per cent to the overnight total at 15,143.37 points adding Rs50 billion to the market capital at $74 billion. Its junior partner was also quoted higher by 204.41 points at 18,611.34.

The OGDC, Pakistan Petroleum and Pakistan Oilfields virtually raced toward their pre-reaction levels as foreign buying gained in stature as the trading progressed.

Apart from new oil finds, higher interim earnings and steep increase in world prices was said to be an aiding factor attracting foreign investors at the current lower levels.

Bank shares also performed well under the lead of National Bank, MCB Bank and Bank AlFalah and so did some other under the lead of Engro Chemical, which is heading to set a new record on the strength of new ventures. But leading cement shares attracted profit-selling at the inflated levels.

HinoPak Motors and EFU General Insurance were leading among the gainers, up by Rs25.05 and 30.20, followed by Attock Petroleum, East-West Insurance, Habib Bank, Sapphire Fibre, Shell Gas, Engro Chemical, Packages, JS & Co, and AKD Capital, which posted gains ranging from Rs7.10 to Rs25.

Losers on the other hand were modest barring Colgate Pakistan and Pakistan Services, off by Rs19 and Rs24, respectively. Others, which fell were Allied Bank, Arif Habib Ltd, Adamjee Insurance, Fazal Textiles, Mirpurkhas Sugar, and Murree Brewery, which were quoted lower by Rs5 to Rs8.80. Trading volume rose well above 300m shares mark at 322m shares as compared to 268m shares a day earlier but losers held a slight edge over the gainers at 188 to 184, with 40 shares holding on to the last levels.

The OGDC topped the list of actives, up by Rs5.50 at Rs135.80 on 66m shares followed by Pakistan Petroleum, higher by Rs8.90 on 16m shares, Pakistan Oilfields, up by Rs5.90 at Rs358 on 15m shares, Lucky Cement, easy by 65 paisa at Rs133.70 on 16m shares, Engro Chemical, higher by Rs16.15 at Rs339.15 on 13m shares, National Bank, firm by Rs3.80 at Rs269.05 on 12m shares and Bank AlFalah, up 65 paisa at Rs62.25 also on 12m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, unchanged at Rs45.75 on 14m shares, Nishat Mills, steady by 25 paisa at Rs116 and D.G. Khan Cement, lower 20 paisa at Rs109.75 on 12m shares.

FORWARD COUNTER: The OGDC was also actively traded on the cleared list and rose by Rs6.50 at Rs137.50 on 16m shares followed by Engro Chemical, higher by Rs15.45 at Rs324.55 on 6m shares and Lucky Cement, easy 30 paisa at Rs134.50 on 5m shares.