KARACHI, March 7: Stocks on Wednesday were back on the rails as investors covered positions at the lower levels aided partly by attractive bait of capital gains and partly to the president’s statement that “there is no pressure on us from any quarter and policies are guided by the national interests”.

The KSE 100-share index was up by 222.37 points or 2.04 per cent at 11,146.27 as all leading base shares recovered from recent lows under the lead of OGDC, National Bank and Pakistan Petroleum.

Leading investors who had withdrawn to the sidelines fearing a political turmoil in the wake of reported US threats were back in the market and covered positions at the lower levels on the banking, cement and oil counters.

The president’s categorical denial came at a seminar followed by speculative reports that the US vice-president Dick Cheney had given a tough message during his recent visit in regard to the Taliban issue. Later press reports said the message was “act now or let us do it,” about the presence of Taliban in the tribal areas.

“It appears to be a judicious blend of both local institutional and foreign buying,” analysts said, adding “the fact that most of the leading base shares virtually raced toward their pre-reaction levels following president’s message in his stern warning to any invader who tried to violate the sanctity of borders”.

Some other factors, including proposed GDR of United Bank, sell-off of PSO and attractively lower levels also evoked covering on some blue chip counters, brokers said.

But some others said apart from price flare-up on selected counters, the low turnover showed that leading investors remained conspicuous by their absence apparently awaiting settling down of the dust raised on the political front by speculative forces.

An idea of buying craze but no matching selling may well be had from the fact that some of the leading shares finished around their upper locks under the lead of Pakistan Petroleum, National Bank and some others.

Among the leading gainers, IGI Insurance and Rafhan Maize were leading, up by Rs20.20 and Rs40 respectively, followed by MCB, National Bank, J.S. Global, Adamjee Insurance, Pakistan Oilfield, Pakistan Petroleum, Bata Pakistan, Treet Corporation and Pak-Suzuki Motors, which posted gains ranging from Rs5.15 to Rs15.

Losers were led by Nestle Pakistan and Wyeth Pakistan, which fell sharply lower by Rs73.75 and Rs97.05 respectively. Other prominent losers included Sapphire Textiles, Mirpurkhas Sugar, Clariant Pakistan, JS & Co and Dawood Hercules, off by Rs3 to Rs9.50.

Trading volume rose to 181m shares from the overnight’s 135m shares as gainers maintained a strong lead over the losers at 221 to 101 with 38 shares holding on to the last levels.

D.G. Khan Cement topped the list of actives, up by Rs3.95 at Rs87.80 on 19m shares followed by OGDC, higher by Rs3.55 at Rs118.80 on 13m shares, Lucky Cement, up by Rs3.35 at Rs71.30 on 13m shares, Bank Alfalah, firm by Rs2 at Rs53.25 on 12m shares, Kot Addu Power, steady by 70 paisa at Rs56 also on 12m shares, Pakistan Petroleum, higher by Rs9.50 at Rs252 on 10m shares and National Bank, up by Rs7.5 at Rs267.05 on 8m shares.

Other actives included Fauji Cement, up by Re1 on 8.42m shares, Bank of Punjab, higher by Rs3.40 on 8m shares and Hub-Power, steady by 5 paisa on 7m shares.

FORWARD COUNTER: Pakistan Petroleum led the list of actives on this counter, higher by Rs9.60 at Rs253.25 on 10m shares, followed by National Bank, up by Rs8.05 at Rs68.80 on 6m shares and D.G. Khan Cement, higher by Rs4.20 at Rs88.30 on 6m shares.OGDC followed them, up by Rs3.25 at Rs119.50 on 6m shares and MCB, higher by Rs6.09 at Rs299.99 on 5m shares.