KARACHI, July 20: Stocks on Tuesday turned mixed as active short-covering in some of the leading base shares allowed the index to finish partially recovered but the broader market stayed weak in light trading.

Although most of the price changes were fractional and reflected lack of support rather than large selling as bulls and bears maintained a status quo until the IPO of PPL closes on Thursday. Light volume of the second session in a row indicate that bulk of the interest remained confined to PPL and some other pivotals in the ready section.

"It appears to be a tactical move by the big ones to push prices further down making the IPO of Pakistan Petroleum an excuse", one analyst said "they will be back when their targeted price levels are hit".

After early giving erratic performance, the KSE 100-share index later recovered to finish with a modest recovery of 10.21 points at 5,389.14 as compared to 5,378.93 a day earlier, reflecting the strength of leading base shares under the lead of PTCL and OGDC.

The index may fall further as the euphoria associated with the PPL share offer is gradually fading out as both the small savers and the moneyed people have already applied. Only those are out of its intended fold who are not inclined to stand in long queues.

Floor brokers said cement sector is again set to assume the role of market leaders on the strength of its export to the Middle East followed by reports that the Local Iraq Business Council has identified 500 projects to be launched in Iraq, making Dubai as base.

Already some of the leading cement shares are back to their previous peak levels under the lead of D.G.Khan Cement, Pakland Cement and some others, being the leading exporters.

Despite higher payouts, textile sector may remain under pressure owing to falling lint and cotton yarn prices in the leading importing countries but on the other hand energy, auto and blue chips on the other counters are already inching up from their previous lows.

PSO also attracted good support on reports that the fresh Expressions of Interest (EoIs) will be invited from the prospective buyers of its controlling shares during the next couple of weeks and its sell-off may be completed by October.

Although losers dominated the list, some of the leading shares managed to finish modestly higher under the lead of Habib Sugar, Arif Habib Securities, Dewan Khalid and Dewan Textiles, Unilever Pakistan, Rafhan Maize and International Industries, up by Rs2.85 to Rs5.95.

Losers were led by Javed Omer, Packages, Al-Ghazi Tractors, Glaxo-SKF, which suffered fall of Rs14.35, Rs10.50, Rs8.75 and Rs8, respectively, followed by Millat Tractors, EFU Life, and Gatron Insurance, off Rs4 to Rs7.75.

Tri-Pack Films, Treet Corporation, Lakson Tobacco, Pakistan Refinery, Quetta Textiles and Jahangir Siddiqui Bank also fell by Rs2 to Rs3.30. Trading volume showed a modest rise at 146m shares from the previous 136m shares but losers maintained a fair lead over the gainers at 210 to 87, with 27 shares holding on to the last levels.

PTCL came in for active short-covering at the lower levels and rose by 65 paisa at Rs43.75 on 20m shares followed by National Bank, up by 45 paisa at Rs71.85 on 16m shares, OGDC, higher by 80 paisa at Rs66.55 on 15m shares, Bank of Punjab, firm by 25 paisa at Rs66.05 also on 15m shares and PSO, higher by Rs2.10 at Rs273 on 6m shares.

Other actives were led by Lucky Cement, lower 35 paisa on 9m shares, D.G.Khan Cement, easy 35 paisa on 8m shares, Nishat Mills, off 35 paisa on 5m shares, Chakwal Cement, up by 45 paisa on 5m shares and TRG Pakistan, lower 70 paisa also on 5m shares.

FORWARD COUNTER: Pakistan Petroleum came in for renewed support followed by positive reports from the banks about its IPO and posted a fresh gain of 95 paisa at Rs113.10 on 11m shares, PTCL, higher 55 paisa at Rs43.75 on 3m shares, OGDC, up by 70 paisa at Rs66.70 on 2m shares, National Bank, firm 35 paisa at Rs72.15 on 2m shares and D.G.Khan Cement, off 30 paisa at Rs57.35 also on 2m shares.