KARACHI, Jan 30: The share market finished the weekend session on a bullish note on strong follow-up support aided by IMF’s clean bill of economic health raising hopes that the widely speculated cut in the interest rate may now be around.

The KSE 100-share index was quoted further higher by 3.75 per cent or 194.20 points at 5,377.42.

The run-up that too at the weekend session, which generally attracts profit-selling, has reinforced the investor perceptions that economy is well on the road to a sustained recovery sans IMF interventions as feared by some quarters, said a leading analyst Ahsan Mehanti.

“The IMF nod has halted the foreign selling at least for the near-term,” he said, adding some of them have joined the bulls on select counters”.

A good dividend at the rate of 32.50 per cent or Rs3.25 per share plus bonus shares of 25 per cent by Fauji Fertiliser Company and EPS at Rs13.22 also supported the market run-up as other fertiliser shares also maintained their recovery tempo, analyst Ashraf Zakaria said.

Higher dividend of 100 per cent by Clariant Pakistan, final 25 per cent by Lakson Tobacco and 8.50 per cent by Shakarganj Sugar on preference shares were also welcomed, floor brokers said.

Together with the cut in the interest rate, the positive developments on the foreign aid front, they expect, could allow the market to sustain each run-up in the coming sessions.

“The loss of about $55 billion since the market downfall started last April is massive, but a good start at the lower levels could revive hopes of steady recouping of losses,” some others said.

The market’s positive response to the news was well-reflected in the strength of the KSE 100-share index, which soared by 3.75 per cent or 194.20 points at 5,377.42 points, adding another Rs55 billion to the market capital at Rs1,700.706 billion.

The KSE 30-share index and the All Share index also rose by 4.71 or 233.86 points and 3.35 per cent or 130.25 points at 5,195.81 and 4,016.84 points respectively. Leading shares in the banking and oil shares staged broad rallies on active follow-up support signalling that the recovery will be extended during the next week also.

Plus signs dominated the list under the lead of Attock Petroleum and Unilever Pakistan, up by Rs8.91 and Rs91 followed by MCB Bank, National Refinery, Pakistan Oilfields, Clariant Pakistan, Sitara Chemical, Tri-Pack Films, Dawood Hercules, Engro Chemical and Shell Pakistan, which posted gains ranging from Rs4.50 to Rs8.18.

Prominent losers were led by EFU Life and Pakistan Services, off Rs9.64 and Rs9.47 followed by Clover Pakistan, Al-Ghazi Tractors, PECO, Ferozsons Lab and J.S. Global, off Rs5.88 to Rs7.40.

Traded volume rose to 191m shares from the previous 144m shares as gainers held a strong lead over the losers at 183 to 69, with 19 shares holding onto the last levels.

NIB Bank led the list of actives, up 68 paisa at Rs6 on 27m shares, followed by OGDC, higher by Rs1.87 at Rs45.97 on 23m shares, WorldCall Telecom, steady by 16 paisa at Rs3.27 on 10m shares, Arif Habib Securities, 77 paisa at Rs18.41, Sui Southern Gas, up 98 paisa at Rs14.22 on 7m shares, PTCL, up Re1 at Rs15.71 on 6m shares and Hub-Power, firm by 35 paisa at Rs16.10 also on 6m shares.

Maple Leaf Cement followed them, up 46 paisa at Rs4.39 on 5m shares, Bank Alfalah, higher by Re1 at Rs13.89 also on 5m shares and KASB Bank, steady by 17 paisa on 5m shares.

FORWARD COUNTER: Speculative issues on this counter also followed the lead of their counterparts in the ready section and steadily extended the overnight gains under the lead of Adamjee Insurance, MCB Bank, Packages, Habib Bank, Engro Chemical, PSO, Fauji Fertiliser and several others but without any transaction.

DEFAULTER COMPANIES: Zeal Pak Cement again led the list of actives on this counter, up by three paisa at Rs0.45 on 4.4m shares followed by Japan Power also higher by 13 paisa at Rs1.46 on 0.522m shares and Unity Modaraba, unchanged at Rs0.23 on 29,000 shares.

Others were modestly traded mostly on the higher side barring Bawany Sugar, which was marked down by Re1 at Rs3.20 on 2,000 shares. But on the other hand, Globe Textiles was quoted higher by the same amount at Rs9.20 on 4,500 shares.