KARACHI, Feb 28: The Karachi Stock Exchange (KSE) 100-share index recovered on Thursday from the overnight lows and settled well above the barrier at 15,078.19, up 58.50 points, followed by active short-covering in most of the leading base shares.

The breakthrough came after investors made renewed buying in most of the pivotals aided by positive developments on the political front, notably numerical strength shown by the coalition partners to form the government at the centre.

“The talk of two-third majority in the house now appears to be a close possibility, which could well prove a double-edged weapon for contenders of power and may lead to a confrontation,” analysts fear.

That was perhaps why the index kept hovering around the coveted level with either-way modest gains and losses during the post-election sessions.

Indications based both on positive political developments and the upcoming corporate announcements by some of the leading companies could push it further higher above the newly- attained benchmark of 15,000 level, said an analyst.

But the dye now seems to have been cast and the calling of the parliament session by the next week will give a future direction to the market and that could lead it to new highs after the central and provincial governments are in place, floor brokers hope.

However, erratic movements being shown by the market leaders, including banking and oil sector, for not many cogent reasons keep the market a hostage, although there are more than one reasons for the both to take the market along with them on the strength of their earning reports, they said.

World oil prices around $102 should have buoyed the local oil giants, including OGDC, Pakistan Petroleum, Pakistan Oilfields, but their performance is not well-reflected in their earnings or in line with the analyst perceptions.

Oil-marketing companies are, however, responding positively to the international developments under the lead of PSO and Shell Pakistan.

Relatively weak performance of the MCB during the last couple of sessions, for instance, has a negative impact on others listed on this counter.

Unilever Pakistan Foods maintained its upward drive for the third session in a row and had risen by more than Rs200, showing a fresh rise of Rs81.10, followed by EFU General, United Bank, Sanofi-Aventis, Service Industries, Pakistan Services, PSO and East-West Insurance, up by Rs7.85 to 19.10.

After sustained rise during the last two weeks, AKD Capital came in for active selling and fell by Rs48.50 followed by Bata Pakistan, off Rs30.70. Other notable losers were led by HS Global, Adamjee Insurance, MCB Bank, Central Insurance, Mirpurkhas Sugar, Shell Gas, Shezan International, and Siemens Pakistan, off by Rs7 to 14.05.

Traded volume shrank to 326m shares from the previous 397m shares as losers again held a lead over gainers at 193 to 172, with 38 shares holding on to the last levels. Fauji Fertiliser Bin Qasim topped the list of actives, up by Rs1.45 at Rs44.80 on 33m shares, followed by Bank Al-Falah, firm by 90 paisa at Rs62.25 on 27m shares, National Bank, higher by Rs4.65 at Rs272.90 ahead of its board meeting tomorrow, Nishat Mills, higher by Rs3.25 at Rs115.75 on 17m shares and Bank of Punjab, lower 50 paisa at Rs105.50 on 13m shares.

Bosicor Pakistan followed them, steady by 45 paisa at Rs21.15 on 13m shares, Engro Chemical, sharply higher by Rs7.70 at Rs323.00 on 12m shares, and Arif Habib Securities, up 75 paisa at Rs183.30 also on 12m shares, Javed Omer and Co, up by Rs3.70 at Rs136.50 on 11m shares and D G Khan Cement, firm by 35 paisa at Rs109.30 also on 11m shares.

FORWARD COUNTER: Both the settlements of Sui Southern Gas came in for modest support and led the list of actives, up five and 10 paisa for both February and March settlements at Rs28.20 and 28.35, respectively, on 9m shares each followed by Fauji Fertiliser Bin Qasim February and March settlements, higher by 50 and 70 paisa at Rs44.80 and 45.20 on 3m and 6m shares, respectively, and National bank, higher by Rs3.70 at Rs273.90 on 5m shares.

DEFAULTER COs: Norrie Textiles came in for active support and was held unchanged at Rs2.05 on 1.947m shares, followed by Dewan Autos, off one rupee at Rs4.05 on 0.466m shares and Invest Capital Bank, up 30 paisa at Rs5.90 on 0.346m shares.

BOARD MEETINGS: Allied Bank, Sui Northern Gas and National Bank on Feb 29.

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Market at glance

TONE: Steady, total listed 652, actives 403, in-actives 249, plus 172, minus 193, unchanged 38

KSE 30-SHARE INDEX: Previous 18,581.85,Thursday’s 18,644.48, plus 62.63 points

KSE 100-SHARE INDEX: Previous 15,019.69,Thursday’s 15,078.19, plus 58.50 points

MARKET CAPITAL: Previous Rs4,631.106 billion, Thursday’s 4,648.231 billion, plus 17.125 billion

TOP TEN: Gainers: Unilever Pak Foods Rs81.10, EFU General 19.10, Sanofi-Aventis 12.75, Pakistan Services 10.90, United Bank 10.10

LOSERS: AKD Capital Rs48.50, Bata Pakistan 30.70, EFU Life 16.55, MCB 12.10, Shell Gas 11.55

TOTAL VOLUME: 325.539m shares

VOLUME LEADERS: Faiji Fertiliser Bin Qasim 32.776m, Bank Al-Falah 32.381m, National Bank 26.751m, Nishat Mills 17.382m, Bank of Punjab 12.584m shares.