sss1KARACHI, Dec 12: Share values on Tuesday tended further higher aided by stray covering purchases in leading bank and oil shares at the lower levels but the traded volume failed to expand significantly in the absence of speculative support and bargain-hunting. The KSE 100-share index posted a fresh gain of 60 points at 10,644.36.

The prevailing turmoil in the local currency markets about the strength of the rupee and negative figures from the foreign trade sector worried investors and they appear to be reluctant to go all-out for a “big kill” at the prevailing lower levels on selected counters, analysts said.

Turnover figure rose to 124m shares from Monday’s below 100m but it was equivalent to an active share’s tally in a single session, they said.

A cash dividend of 30 per cent and bonus shares at the rate of 20 per cent by JWD Sugar Mills was well-received in the market as the payout is reflective of the massive earnings made by this sector during the last season owing to a short crop and higher local prices.

The KSE 100-share index steadily maintained its upward drive aided by active short-covering in the leading oil and bank shares followed by reports of higher earnings.

It, however, finished the session with a gain of 59 points at 10,644.36 well below the day’s high of 10,690.00 on late selling in some of the pivotals. The KSE 30-share index also ended with a fresh gain of 42.17 points at 13,452.78.

The index is confidently creeping to its pre-reaction level on the strength of leading base shares but analysts ruled out the possibility of a big jump at this stage, although being in an oversold position the market could attract any amount of fresh buying.

But some others said the market is preparing itself for year-end mopping operations which could take it to the year’s high.

PTCL seems to have assumed the role of a market trend-setter after several lean sessions and analysts said some of the foreign buyers were covering positions below Rs50 for reasons not immediately known by the brokers who were after it.

Bank and oil shares followed them on active support at the prevailing lower levels, major gainers among them being MCB, National Bank, Pakistan Petroleum and Pakistan Oilfields all finished partially recovered.

Engro Chemical, which won the gas bidding auction on Monday will pay $1.7 million for 100mmcfd gas for 20 years to set up a new fertiliser plant, maintained its upward drive and added another Rs1.40 to overnight share rise of Rs9 at Rs182.50.Plus signs held a lead over the minus ones leading among the gainers were Fateh Textiles and Siemens Pakistan, up by Rs23 and Rs50. Others were led by MCB, United Bank, Central Insurance, Fazal Textiles, International Industries and Dawood Hercules, which posted gains ranging from Rs5.10 to Rs10.

Losers were led by Clariant Pakistan and EFU Life Assurance, off Rs7.25 and Rs7.75 followed by Gatron Industries, Lakson Tobacco, National Refinery, Attock Petroleum Feroszons Lab and Adamjee Insurance, off Rs3 to Rs5.

Trading volume showed a modest expansion on active short-covering in some of the current actives and rose to 124m shares from the previous 90m shares as gainers topped losers by 175 to 146, with 47 shares holding on to the last levels.

PTCL topped the list of actives, up by 40 paisa at Rs48 on 15m shares followed by National Bank, higher by Rs3.95 at Rs262.50 on 10m shares, Fauji Fertiliser, Bin Qasim steady five paisa at Rs30 on 7m shares, Pakistan Petroleum, firm by 35 paisa at Rs239.30 on 7m shares.

MCB, higher by Rs5.50 at Rs262.50 on 6m shares and Pakistan Oilfields, off Rs2.30 at Rs365.70 also on 6m shares.

Other actives were led by Bank of Punjab, off 85 paisa on 6m shares, PICIC, lower 60 paisa on 5m shares and NIB Bank, up by Rs1.30 on 4m shares.

FORWARD COUNTER: Active trading was witnessed on this counter under the lead of National Bank, which was quoted higher by Rs3.85 at Rs264.40 on 6m shares followed by OGDC, firm by 30 paisa at Rs120.65 on 4m shares and MCB, higher by Rs5.65 at Rs264 on 4m shares.