KARACHI, July 25: Trading activity on the stock market on Tuesday was moderately active, as investors played on both sides of the fence apparently having some reservations about the rollover of forward positions in July contracts. The KSE index posted a fresh gain of 50.50 points at 10,401.13

But analysts said for the second day of the rollover week, the settlement of outstanding positions was smooth, which in turn allowed the index to maintain its upward drive. The broader market was, however, a bit weak on stray selling.

Stocks, therefore, finished on a mixed note as investors rolled positions from the high-profile issues to the undervalued ones in an apparent effort not to go beyond certain risk areas despite talk of higher payouts.

Although some of the leading oil shares, notably Pakistan Petroleum and OGDC having a formidable weightage in the index managed to finish with fresh gains, the broader market ruled weak in the absence of strong demand.

The KSE 100-share index, however, maintained its upward drive and posted a fresh rise of 50.50 points at 10,401.13 as compared to 10,350.63 a day earlier, but the marginal gains in some of the leading index shares reflect that they may have reached a saturation point in terms of price flare-up.

“The perception of an uncertain political outlook seems to be one of the chief inhibiting factors behind market’s half-hearted bids to retain its past glory,” stock analyst Faisal Abbas said.

The investor buying shift to low-priced shares, notably Pak PTA, Telecard, WorldCall Telecom and some other shows no one among prospective buyers is inclined to take bigger risks after having purchased overvalued shares, he adds.

Fractional price changes in some of the leading shares, notably National Bank, DG Khan Cement, MCB and some others, which in normal trading sessions face upper locks showed reservations on the part of leading investors and institutional traders to go beyond certain specified limits, some others said.

However, in between, the market shows bullish flutter on the strength of higher dividend and bonus shares. Board meetings of some of the leading companies due before the current month are out and they could restore dignity to both the turnover figure and size of rise and fall.

Lakson Tobacco came in for active support and rose by Rs10. Treet Corporation followed it and rose by the same amount. They were followed by EFU Life, Pakistan Petroleum, International Industries, Colver Pakistan, Zulfiquar Industries, Honda Atlas and Rafhan Bestfoods, which were marked up by Rs4 to Rs10.

Losers were led by Jahangir Siddiqui & Co and Pakistan

Hotels, which fell by Rs6.40 and Rs7.80, respectively, followed by ICI Pakistan, Shell Pakistan, Clariant Pakistan, Colgate Pakistan and Dawood Hercules, off Rs4 to Rs5.50.

Trading volume showed a modest rise at 255m shares from the previous 212m shares but losers held a comfortable lead over gainers at 151 to 125, with 52 shares holding on to the last levels.

OGDC was again actively traded, up Rs1.05 at Rs141.45 on 39m shares, followed by DG Khan Cement, firm by 80 paisa at Rs98.85 on 20m shares, Pakistan Petroleum, higher by Rs6.05 at Rs246.95 on reports of its sell-off on 19m shares, Bank of Punjab, up Rs2.95 at Rs84.25 on 17m shares, National Bank, steady 15 paisa at Rs224.60 on 16m shares, and MCB, lower 60 paisa at Rs225.20.

Other actives were led by Telecard, up 25 paisa on 16m shares, Pak PTA, higher by 25 paisa on 11m shares, and Fauji Fertiliser Bin Qasim, lower 10 paisa on 9m shares.

FORWARD COUNTER: OGDC also came in for renewed support and rose by Rs2.95 at Rs141.20 on 6m shares followed by Pakistan Petroleum, up Rs4 at Rs246 on 4m shares, DG Khan Cement, firm by 50 paisa at Rs99 also on 4m shares and Bank of Punjab, up Rs2.45 at Rs84.01 on 3m shares.