KARACHI, May 31: Stocks on Tuesday rose further on active follow-up support despite reports of fresh incidents of violence in the city followed by Monday’s bomb attack on a mosque and killing of five persons. The much-needed lead was provided by institutional traders who remained conspicuous by their absence for the last couple of weeks, as most of them built up long positions at the current levels in the energy shares.

The KSE 100-share index posted a fresh sharp rise of 2.24 per cent or 150.11 points at 6,857.57 as compared to 6,707.50 a day earlier, as all the leading base shares finished with fresh smart rallies. Banks and financial institutions were in the forefront of grabbing the floating stocks of leading oil shares at the current levels and for good reasons too, as the chances of price appreciations are now much better than a week earlier.

PSO, Pakistan Oilfields, OGDC, Pakistan Petroleum, National Bank being the main target of speculative buying rose sharply higher. Despite reports of employees’ strike against its sell-off for the fourth day and fears of delay in its sale beyond the fixed date of June 10, PTCL did not allow investors to sit on the sidelines as was reflected by moping operations at the current levels. It touched the highest and the lowest at Rs63.90 and Rs68.10, respectively, amid a massive activity.

However, investors appear to be more interested in the outcome of final bidding for the controlling shares of National Refinery in Islamabad on Tuesday. Seven short-listed companies are in the run, including some from the Gulf and other countries. Its 10-rupee share on Monday was quoted higher by Rs17.05 at Rs358.30. The share of United Bank, which is being quoted provisionally at around Rs58 after at one stage having fallen to Rs38, below its reference price of Rs50 including a premium of Rs40, stayed firm. Its share will open for public subscription from June 3 to 8.

Its present issue is of 518m shares, including 103.600m shares for non-residents and 414.400m for resident Pakistanis, with a green-shoe option of five per cent. “Together with fiscal incentives in the federal budget on June 6, an attractive bait of sell-off of some mega-issue, including National Refinery, United Bank and PTCL will keep investors in a good mood in the coming weeks,” analysts said.

Attock Petroleum, Pakistan Refinery, Attock Refinery, PPL, and Pakistan Oilfields rose by Rs6.05 to Rs10.60, but the largest gains of Rs14.75 and Rs17.05 were noted in PSO and National Refinery.

Good gainers in other sectors were led by Indus Dyeing, Artistic Denim, Pakistan Cable, Cherat Papers, HinoPak Motors and some others, which rose by Rs4 to Rs6. Losses on the other hand were fractional in the absence of large selling barring Bata Pakistan, Security Papers, BOC Pakistan, JWD Sugar, and Javed Omer, off Rs3.10 to Rs11.35.

Trading volume soared to 401m shares from the previous 180m shares, as gainers maintained a strong lead over losers at 167 to 106, with 39 shares holding on to the last levels.

PTCL was massively traded, up Rs95 paisa at Rs66.90 on 191m shares followed by OGDC, higher by Rs3.30 at Rs92.65 on 100m shares, National Bank, up Rs3.50 at Rs92.20 on 24m shares, Pakistan Oilfields, higher by Rs10.60 at Rs258.50 on 20m shares, Pakistan Petroleum, firm by Rs8.10 at Rs171 on 13m shares, and DG Khan Cement, up by Rs1.65 at Rs51.50 on 12m shares.

Other actives were led by Fauji Fertilizer Bin Qasim, steady by 50 paisa on 7m shares, PSO, higher Rs14.75 on 3m shares, Lucky Cement, up Rs1.70 also on 3m shares and PICIC Growth Fund, higher Rs2.30 also on 3m shares.

FORWARD COUNTER: PTCL again led the list of actives on this counter and was marked up by 70 paisa at Rs67.45 on 18m shares followed by PSO, higher Rs15.35 at Rs359.35 on 11m shares, OGDC, higher by Rs2.95 at Rs92 on 8m shares, PPL, up Rs8.15 at Rs172.10 on 4m shares and Pakistan Oilfields higher by Rs9.75 at Rs260.25 on 4m shares.