KARACHI, Nov 13: The KSE 100-share index on Thursday at last broke through the vicious circle of an intriguing status quo after several weeks and was quoted fractionally higher aided by rumours about removal of the floor possibly by next week and advent of buying by the market support fund.

It finished the session with a gain of 0.95 points at 9,184.09 but on the other hand its junior partner, the KSE 30-share index, was marked down by 22.06 points apparently on selling meant for replacement buying on the other counters. The KSE all-share index also gained another 0.11 points at 6,639.34 points.

But on the other hand market capital posted a sharp loss of Rs1.840 billion at Rs2,827.842 billion from Rs2,829.682 billion a day earlier, owing to off-the-floor selling at the lower levels.

“The index seems to have derived its strength from the revival of demand in some leading base shares, notably National Bank, United Bank and Siemens Pakistan,” said analyst Hasnain Asghar Ali.

“All the three are among the top blue chips and are claimed to be risk-free around the current levels.”

The recent meeting between the SECP and KSE high-ups has given credence to some of the rumours already circulating in the market that formalities about the advent of market support fund have been finalised and it could make its debut even by the next week, another analyst Ahsan Mehanti said.

Although the Rs20 billion market support fund will confine its operations to nine state-owned units notably among them being OGDC, Pakistan Petroleum, National Bank, but analysts doubt the revival of sympathetic buying on other counters, he added.

However, one thing appears certain that the market could receive a big jolt after normal trading resumes as it is widely speculated that fresh price erosions ranging from 15 per cent to 20 per cent was on the card, observes a leading floor broker.

He said off-the-floor transactions had already set future price pattern and it would be strictly adhered to in view of the prevailing economic conditions after the hike in borrowing costs by two per cent to 15 per cent.

Trading volume, however, failed to keep pace with the buying offers as it fell to 66,600 shares from the previous 73,500 shares.

Minus signs topped the gainers at five to two, with 11 shares holding onto the last levels, out of which 18 actives.

Gharibwal Cement topped the list of actives, off 75 paisa at Rs16.62 on 14,500 shares, followed by National Asset Leasing, steady by two paisa at Rs0.42 on 10,500 shares, Southern Electric, easy 10 paisa at Rs3.60 on 9,500 shares, Sui Northern Gas, unchanged at Rs27.91 on 7,600 shares, Al-Qaim Textiles, lower 25 paisa at Re1 on 5,000 shares and United Bank, static at Rs68.25 on 4,100 shares.

Habib-ADM followed them, off 56 paisa at Rs9.68 on 3,000 shares, Nimir Resins, static at Rs5.05 on 2,500 shares, KESC, also static at Rs3.80 on 2,000 shares and National Bank, unchanged at Rs93.02 on 2,000 shares.

DEFAULTER COMPANIES: Mukhtar Textiles and Japan Power came in for stray support at the overnight rate of Rs0.53 and Rs4.50 on 500 shares each, while Al-Qaim Textiles fell by 25 paisa at Re1.