KARACHI, Feb 19: Stocks on Monday recovered from the weekend lows as investors covered positions on selected counters ahead of board meetings of some of the leading companies including OGDC and National Bank amid market talk of higher dividend. The KSE 100-share index recovered 198.36 points at 11,577.76.

Investors seem to have ignored the negative fallout of bomb blasts in Quetta and on Samjhota Express in India coming to Pakistan and followed their future market perceptions rather than worries about the law and order situation and political relations with India.

The market’s sustained run-up was also evident from an increase of about two per cent or 198.38 points in the KSE-100 share index at 11,577.76 as compared to last weekend’s 11,379.40. The KSE-30 share index also rose by 282.94 points at 1,427.12 points.

All the leading base shares, notably OGDC, National Bank, Pakistan Petroleum, D.G. Khan Cement and PTCL virtually raced to their pre-reaction levels on active short-covering.“I don’t think bears could reinforce their writ any more on stock trading as bulls have the will and the financial resources to fight back at the lower levels not for capital gains alone,” leading analyst Ashraf Zakria believes.

Foreign buying, which withdrew to the sidelines at the fag-end of the last week taking profits at the higher rates, resumed its mopping operations at the dips on selected counters, he added.

“In the backdrop of higher payouts by the United Bank and Askari Bank, all eyes are now focused on the National Bank board meeting due on Feb 24,” another analyst Ahsan Mehanti said.

The big question is being debated among the analysts is “whether or not its board would announce bonus shares along with a cash payout but no one among them is clear.

But its share value fluctuating between Rs285 to Rs300 for the last couple of weeks reflects that investors on both sides of the divide have failed to find any cue so far before the board meetings, some others said.

Plus signs dominated the list and leading gainers were led by National Bank, Pakistani Refinery, Pakistan Petroleum and Fateh Textiles, which posted gains ranging from Rs7.80 to Rs24.50.

Other prominent gainers included MCB, Shell Pakistan, Nishat Mills, Attock Cement, Pakistan Engineering, Gillette Pakistan, Pakistan Engineering and Pakistan Oilfields, up by Rs4.20 to Rs6.20.

Losers were mostly fractional barring, IGI Insurance, Javedan Cement, Lakson Tobacco, United Sugar and Treet Corporation, off by Rs4.25 to Rs15.25.

Trading volume rose to 181m shares from the previous 146m shares as gainers held a modest lead over the losers at 174 to 143, with 30 shares holding on to the last levels.

OGDC topped the list of most actives, sharply higher by Rs3.80 at Rs126.30 on 23m shares followed by National Bank, up by Rs7.80 at Rs294.50 on 13m shares, Pakistan Petroleum, higher by Rs8.80 at Rs263.50 also on 12m shares, D.G. Khan Cement, firm by Rs3.90 at Rs82.75 on 11m shares, Lucky Cement, steady by Rs3.25 at Rs68.50 on 9m shares, PTCL, up by Rs1.20 at Rs58.45 on 6m shares.

They were followed by Fauji Cement, steady by 80 paisa on 8m shares, Bank Alfalah, up by Rs1.10 at Rs52.50 on 7m shares, Bank of Punjab, higher by Rs1.25 on 5m shares and Callmate Telips, easy by 50 paisa on 8m shares.

FORWARD COUNTER: OGDC also actively traded on the cleared list ahead of its board meeting on Feb 21 and rose by Rs3.75 at Rs126.50 on 7m shares followed by National Bank, higher by Rs6.95 at Rs295 also on 7m shares and Hub-Power, firm by 45 paisa at Rs31.95.