KARACHI, Sept 11: Leading shares on Wednesday came in for stray short-covering at the lower levels and ended partially recovered but the near-term outlook appears to be a bit uncertain. The KSE index showed a fractional rise of 0.17 point at 1,962.06.

Bulk of the support originated from the institutional traders, while general investors and brokers were still in two minds about the direction of the market and mostly played safe.

However, resistance to further marking down of prices at the current level reflect that the technical correction is overdone and the market could resume its upward trend after having lost 47 points or 2.5 per cent during the last two sessions.

The KSE 100-share recovered 0.17 point at 1,962.06 as the turnover figure fell below the 100m share mark, reflecting slack support from the leading investors owing to reported gun battle between the police and the alleged terrorist in the posh area of the city.

Brokers said the scare spread by the gun battle halted the market’s decisive recovery as the same set of investors sold in a haste after the news of fight reached the market.

How the market responds to its technical demands and peaceful passing of the notorious Sept 11, will be known when the trading resumes on Thursday, they added.

As the anniversary of the events of the Sept 11 passed into history without the widely speculated fresh terrorist attacks on the US interests anywhere in the world, a section of investors covered positions at the lower levels in some of the blue chips, notably PSO and Hub-Power.

However, weakness of other major base shares including PTCL, MCB, National Bank and some others also worked against the sentiment, allowing the market to finish on a mixed note.

But the market lacks aggressive support even at the attractively lower levels as investors may have some reservations about its future direction or the prevailing technical correction.

“I don’t think the market intends to move further lower after passing through a necessary correction”, predicts a leading stock analysts “it could rise even tomorrow its recently attained index level of 2,000 on the strength of coming corporate announcements and president’s US visit”.

A section of leading operators was also expecting some positive news after the president meets the US president after mourning the death of WTC victims.

“But unlike the president’s previous two US visits, the market did not give that buoyant reaction this time for unknown reasons”, one broker said adding “may be on the perception of diminishing fresh aid prospects”.

Leading gainers were led by Shafiq Textiles and Attock Refinery, which ended higher by Rs3 to Rs5.30, followed by Gadoon Textiles, Kohinoor Raiwind, Thal Jute, Cherat Cement, PSO, HinoPak Motors, Rafhan Maize and United Distributors, up by one rupee to Rs2.10.

Treet Corporation and Pakistan Oilfields topped the losers, off Rs4.25 and 8.30 respectively. Kohinoor Weaving, International Industries, Siemens Pakistan, Abbott Lab, Ghani Glass and Wyeth Pakistan followed them, falling by one rupee to Rs3.

Trading volume fell below the coveted mark of 100m shares at 79m shares as gainers managed to force a modest lead over the losers at 125 to 120, with 56 shares holding on to the last levels.

The most active list was topped by Hub-Power, up 15 paisa at Rs27.45 on 26m shares, PSO, higher by Rs1.20 at Rs196.80 on 16m shares, PTCL, easy, five paisa at Rs19.75 on 15m shares, MCB, lower 15 paisa at Rs26.45 on 2.133m shares, National Bank, up five paisa at Rs23.30 on 1.912m shares and Adamjee Insurance, higher 15 paisa at Rs44 on 1.413m shares.

Others were led by Engro Chemical, firm by 10 paisa on 1.832m shares, Dewan Salman, steady by 10 paisa on 1.594m shares, Sui Northern Gas, up 20 paisa on 1.546m shares and ICI SEMF, higher 60 paisa on 1.405m shares.

FORWARD COUNTER: After having fallen sharply lower, Hub-Power came in for active short-covering at the lower level and recovered to finish higher by 13 paisa at Rs27.50 on 4.845m shares followed by PSO, up 55 paisa at Rs197.10 on 4.175m shares.