KARACHI, Aug 15: The share market staged a broad rally on Friday as equity support fund led buying in oil and banking shares at the lower levels, lifting the Karachi Stock Exchange (KSE) 100-share index well above the psychological barrier of 10,000 points at 10,258.71, up 3.60 per cent.

The current turmoil in currency markets where rupee fell to a new low of Rs77 to a dollar in kerb trading, however, took its toll on some counters.

The net rise in the index over the weekend session, which appears to be a repeat performance of the previous week, was of the order of 356.36 points at the session’s highest of 10,258.71 and added Rs103 billion to the market capital at Rs3,195 billion.

Upper locks in some of the leading base shares, notably MCB, National Bank, Pakistan Oilfields and some others did not reflect the return of the Prodigal Son as rescue operation was essentially led by the equity market support fund and other financial institutions.

“Those who can peep through the future amid clouds of uncertainty seem to be behind the weekend rally,” said a leading analyst Hasnain Asghar Ali, adding, valuation analysis in an oversold market appears to be an attractive bait.”

The perception that the President may eventually resign well before the impeachment resolution is tabled in the National Assembly after the safe exit also aided the sentiment as it will end the protracted uncertainty, he said.

Investors were, however, worried over the falling value of the rupee, which was quoted at Rs76.50 and 77 for buying and selling a US dollar in the open market yesterday.

Another analyst Tabish Hasan said although the turnover figure failed to keep pace with the enormous buying orders, a steep rise in most of the leading shares showed that the market is now well on the road to recovery.

He said higher corporate announcements due by some leading companies in the coming weeks could reinforce the investor confidence in a future bull market, he added.

Advancing shares had a strong lead over losers under the lead of Shell Pakistan, which continued its sustained run-up in the post-dividend and bonus shares trading, up by Rs20.17 followed by JS & Co, which rose by Rs16.96.

Other good gainers included Adamjee Insurance, Dawood Hercules, Engro Chemical, JS Global, MCB, EFU General and Life, Sapphire Fibres, PSO, Pakistan Petroleum, Al-Ghazi Tractors and Mitchell’s Fruits, which were quoted higher by Rs8.40 to 16.25.Losers were led by Service Industries and Mitchell’s Farms, off Rs5.22 and 5.20, respectively. New Jubilee Insurance, Sazgar Engineering and Buxly Paints, followed them, lower by Rs3.41 to 4.35.

Trading volume showed a modest rise at 97m shares from the previous 69m shares as gainers maintained a fair lead over losers at 189 to 63, with 24 shares holding on to the last levels.

National Bank led the list of actives, sharply higher by Rs5.36 at Rs118.70 on 9m shares, followed by OGDC, higher by Rs5.38 at Rs113.03 on 7m shares, Lucky Cement, firm by Rs3.18 at Rs70.25 on 6m shares, Arif Habib Bank Securities, higher by Rs5.55 at Rs116.55 also on 6m shares, Bank Al Falah, up Rs1.86 at Rs39.09 on 4m shares, and MCB, sharply higher by Rs13.50 at Rs289.25 on 3m shares.

Other actives were led by NIB Bank, firm by 41 paisa at Rs9.24 on 6m shares, Zeal Pak Cement, easy by two paisa at Rs1.42 on 5m shares, and D G Khan Cement, up Rs2.21 at Rs46.43 on 3m shares.

FORWARD COUNTER: OGDC led the list of actives, up Rs4.80 at Rs113.20 on 2m shares, followed by National Bank, higher by Rs5.29 at Rs119.00 on 2m shares, and MCB, sharply higher by Rs13.65 at Rs287.65 on also on 2m shares.

Descon Oxychem followed them, up 31 paisa at Rs11.87 on 1m shares, and Arif Habib Securities, higher by Rs5.56 at Rs116.77 also on 1m shares.

DEFAULTER COs: Active trading was also witnessed on this counter where most of the deals were finalised at the higher rates under the lead of Japan Power, which was quoted higher by one rupee at Rs6 on 0.232m shares followed by Quice Foods, higher by 25 paisa at Rs3.26 on 0.165m shares.

Unity Modaraba was traded at the last close of 80 paisa on 0.723m shares, while Norrie Textiles was fractionally lower by two paisa at Rs1.53 on 0.139m shares.