KARACHI, March 26: Stocks on Monday turned in an improved performance as some leading base shares came in for stray short-covering at the lower levels but the recovery was too feeble to put the market back on the rails.

Trading resumed on a dull note as financial and foreign investors kept to the sidelines most of the time apparently awaiting some positive developments on the judicial front.

The KSE 100-share index managed to finish with a modest gain of 6.64 points at 11,301.62 as compared to 11,294.98 as leading base shares, notably OGDC, Lucky Cement and PTCL came in for stray short-covering.

But on the other hand the KSE 30-share index fell as leading industrial and financial shares remained under pressure, pushing it down by 52.46 points at 14,102.99 as compared to 14,155.45 at the last weekend session.

Terribly low daily volumes reflect fading investor interest in the share business at least for the near-term, stock analyst Asharaf Zakria said, adding “there may not be flight of capital but investors think twice to make fresh commitments in the backdrop of prevailing judicial crisis”.

“Institutional traders and bargain-hunters could hardly stay out for an indefinite period,” analysts said “as the judicial crisis could linger on for months after hearing resumes on presidential reference, investors have to be in the arena soon as the market parlance demands”.

Shifting of stray buying interest to low-price scrips shows that even the day-traders and short-term dealers were not inclined to take calculated risk after investing in the high-profile shares, which normally ensure handsome capital gains in a session, he added.

“The index should have staged a robust recovery at the current lower levels on technical ground alone the weakness of leading base shares under the lead of MCB, National Bank and Bank of Punjab worked against the sentiment,” says a leading stock analyst Hasnain Asghar Ali.

But Ahsan Mehanti said the introduction of cash settled futures (CSF), in three leading shares - OGDC, National Bank and PTCL - also took their toll in the form of low volumes.

Plus signs managed to force a comfortable lead over the losers under the lead of Unilever Pakistan and Nestle Pakistan, up by Rs95 and Rs80, Shell Pakistan, HinoPak, Treet Corporation, Rafhan Bestfoods, EFU General and EFU Life Insurance and Rafhan Maize, posted gains ranging from Rs7 to Rs19.

But on the other hand Wyeth Pakistan and Siemens Pakistan fell by Rs96.75 and Rs48 respectively. Other prominent losers included National Bank, MCB, Millat Tractors, Dawood Hercules, Clariant Pakistan, Indus Motors and Bata Pakistan, off by Rs5 to Rs8.

Trading volume was maintained at the overnight level of 106m shares as gainers held a modest lead over the losers at 162 to 143, with 40 shares holding on to the last levels.

Bank of Punjab led the list of actives, off Rs4.30 ex-bonus at Rs88 on 20m shares followed by Lucky Cement, up by Rs1.35 at Rs79.60 on 9m shares, OGDC, steady by 40 paisa at Rs117.20 on 7m shares and PTCL, up by Rs1.05 at Rs47.30 on 6m shares.

National Bank, off Rs5.80 at Rs232 also on 6m shares, MCB, sharply lower by Rs8 at Rs274 on 5m shares, both were quoted ex-dividend and ex-bonus and Bank Alfalah, lower off 90 paisa at Rs45.85 on 3m shares.

Other actives were led by KESC, after management change, quoted higher by 25 paisa on 4m shares, followed by PICIC, up by Rs1.35 on 3m shares and Kot Addu Power, firm by 30 paisa on 3m shares.

FORWARD COUNTER: Bank of Punjab also came in for active selling in ex-bonus trading and fell by Rs4.64 at Rs88.26 on 6m shares, National Bank, off Rs5.15 at Rs232.75 on 5m shares and MCB, lower by Rs7.25 at Rs274.50 on 4m shares.