KARACHI, May 8: Stocks on Tuesday staged a broad recovery on heavy covering purchases at the lower levels aided by official denial about the emergency option in the backdrop of judicial crisis and allied political undercurrents. The KSE 100-share index recovered 252.16 points at 12,331.91 or 2.09 per cent.

But the brokers’ concern about the SECP suggestion to restrict CFS holdings to one per cent of the free float of the scrip will continue to have negative impact on the underlying sentiment and their trading options. The KSE 100-share index that had plunged on the prime minister’s hint at emergency options on Tuesday staged a smart rally and was up by 252.16 points or 2.09 per cent at 12,331.91 points, recouping Rs71bn in the

market capital at Rs3,588.048 billion. The KSE 30-share index also recovered 349.95 points at 15,409.60 points.

The fact that the index manages to stay above the 12,000-level even in Monday’s massive sell-off reflects that its best level is still to come.

Some positive developments on the judicial front, notably suspension of proceedings on the presidential reference against the chief justice of Pakistan also aided the market recovery, brokers said.

All the leading base shares, which came in for strong covering purchases at the lower levels, notably National Bank, OGDC, Bank of Punjab, Bank Alfalah were among the leading contributors to the recovery.

Bulk of the support originated from the financial institutions and some leading foreign buyers who are not inclined to take a bearish view of the future share business outlook, analysts said.

Higher corporate earnings and expectations of handsome interim payouts by some of the leading companies did not allow investors to keep to the sidelines, they added.

“The important stimulant behind the local buying is the strong presence of foreign investors on selective counters and the attractive bait of capital gains continued to inspire fresh support from all and sundry, some others said.

Arif Habib Securities and Attock Petroleum were leading among the gainers, which recovered good part of overnight fall and were quoted higher by Rs13.75 and Rs19.95, followed by Arif Habib Ltd, National Bank, United Bank, EFU General Insurance, IGI Insurance, Fazal Textiles, Pakistan Cables, Mari Gas, International Industries, Pakistan Engineering, HinoPak and Adamjee Insurance, which posted gains ranging from Rs6.30 to Rs12.70.

Unilever Pakistan and Siemens Pakistan led the list of prominent losers, which fell by Rs19 and Rs30 respectively. Mirpurkhas Sugar, Dewan Textiles, Treet Corporation, National Foods, Bata Pakistan and Colgate Pakistan followed them, off by Rs2 to Rs14.05.

Trading volume showed a

modest rise at 267m shares from the previous 255m shares as gainers forced a strong lead over the losers at 238 to 77, with 48 shares holding on to the last levels.Bank Alfalah led the list of actives, up by Rs1.70 at Rs57.45 on 27m shares followed by OGDC, firm by Rs1.55 at Rs120.55 on 18m shares, D.G. Khan Cement, up by Rs2.10 at Rs100 on 16m shares, Fauji Fertiliser Bin Qasim, higher by 95 paisa at Rs35.40 also 16m shares, Askari Bank, higher by Rs3.70 at Rs93.50 on 15m shares, National Bank, up by Rs6.30 at Rs244.70 on 13m shares and Bank of Punjab, higher by Rs2.90 at Rs104.80 on 11m shares.

Other actives were led by WorldCall Telecom, up by 85 paisa on 14m shares, followed by Nishat Mills, higher by Rs5.40 on 13m shares and Lucky Cement, firm by Rs1.45 on 11m shares.

FORWARD COUNTER: National Bank led the list of actives on the cleared list, up by Rs6.40 at Rs245.50 on 9m shares followed by Bank Alfalah, higher by Rs1.75 at Rs57.80 also on 9m shares and Lucky Cement, firm by Rs1.45 at Rs103.25 on 7m shares.