KARACHI, Nov 22: The share market on Thursday consolidated the previous gains apparently before resuming its upward drive to its pre-reaction levels aided by positive developments on the political front, notably loud whispering about the national reconciliation.

As expected, however, Bush’s renewed support to the president and endorsement of his policies leading to a democratic rule failed to generate speculative buying on most of the blue chip counters at the lower levels.

The KSE 100-share index posted a fresh rise of 33.89 points at 13,542.87 as compared to 13,508.98 a day earlier as leading base shares in oil, banking and cement sectors finished with an extended gain. But it ended well below the session’s high of 13,624.14 on late-selling.

The index appears to be in a consolidating mood and is expected to bounce back to its pre-reaction level before the year is out after the dust raised on so many issues settles down, said a leading broker.

“As most of the legal irritants linked to President Musharraf’s eligibility for the second presidential term are removed, Bush’s renewed support came at a time when he needed it most to brave the local political turmoil,” analysts said.

All is not well on the political front in relation to the national elections scheduled for Jan 8 next, but the perception of continuity in the current financial and economic policies did not allow investors to lay guard at this stage, they added.

The stock market during the last four sessions recovered 500 points or four per cent which reflected that investors were back and for good reasons too, some others observed.

However, towards the end of the session on Thursday profit-selling emerged on a number of counters at the higher levels and allowed some of the leading shares to finish with clipped gains.

Plus signs dominated the list under the lead of Packages and EFU Life, up by Rs17.90 and Rs20.20, followed by PSO, HinoPak, Millat Tractors, ICI Pakistan, Colgate Pakistan, Tri-Pack Films, EFU General, JS & Co and Adamjee Insurance, which posted fresh gains ranging from Rs8 to Rs17.10.

Unilever and Siemens Pakistan closed with an extended fall of Rs35 and Rs82.20. Other prominent losers included Shell Pakistan, Exide Pakistan, Gillette Pakistan, Grays of Cambridge, BOC Pakistan and Nestle Pakistan, off by Rs7 to Rs19.

Trading volume shrank to 232m shares from the previous 260m shares in the absence of leading investors, but gainers held a modest lead over the losers at 185 to 163, with 38 shares holding on to the last levels.

OGDC again led the list of actives, up by 55 paisa at Rs120.95 on 24m shares followed by Arif Habib Securities, steady by 50 paisa at Rs168.50 on 15m shares, PTCL, lower by 15 paisa at Rs43.10 on 13m shares, Lucky Cement, higher by Rs2 at Rs117.50 on 11m shares and Javed Omer & Co, off Rs3.50 at Rs159 on 10m shares.

Engro Chemical Pakistan was up by Rs4.25 at Rs269.25 9m shares and National Bank, off Rs1.80 at Rs237.20 on 8m shares.

FORWARD COUNTER: OGDC again led the list of actives on the cleared list, steady by 15 paisa at Rs121.20 on 4m shares, followed by Pakistan Petroleum, off Rs3.50 Rs246.50 also on 4m shares and MCB, lower by Rs1.90 at Rs346.20 on 3m shares.

Lucky Cement on the other hand came in for modest support and rose by Rs1.25 at Rs117.50 on 3m shares and National Bank, steady by 10 paisa at Rs238.30 also on 3m shares.

DEFAULTER COMPANIES: Zeal Pak Cement led the list of actives on this counter, lower 10 paisa at Rs4.60 on 1.251m shares followed by Japan Power, steady by five paisa at Rs8.25 on 0.664m shares and Unity Modaraba, unchanged at Rs1.25 on 0.459m shares.

Norrie Textiles also came in for modest selling and fell by five paisa at Rs1.85 on 0.177m shares followed by InterAsia Leasing, lower by 20 paisa and Redco Textiles, up by 15 paisa at Rs1.10 and Rs2.45 on 0.108m and 0.105m shares respectively.