KARACHI, July 17: Stocks on Tuesday shrugged off the overnight easiness as investors covered positions at the lower levels followed by reports of relative calm on the law and order front but the underlying sentiment was still shaky. The KSE 100-share index was up by 109 points well above the coveted level of 14,000.

Opinions about the snap rally were, however, divided. Some say it was “inspired as investors could not be immune to the prevailing tense law and order situation.”

But some others claim it was based on positive market fundamentals as a section of leading investors is not inclined to ease its grip on the price line as some of them are said to be trapped in the bull price manipulation.

The KSE 100-share index recovered a good part of the overnight loss and was quoted higher by 108.91 points at 14,053.94 points, which incidentally was the session’s highest level. The 30-share index rose by 136.96 points at 16,949.51. OGDC, PTCL, Fauji Fertiliser Bin Qasim, National Bank and some others were leading gainers among them.

The fact that the leading bulls ably assisted by some of the foreign investors are not inclined to see the index below their coveted level of 14,000, said an analyst adding: “This may not be a case of their personal ego to see it above this level but the demand of the unfolding corporate scenario.”

The strong presence of foreign investors on oil and some bank shares for a number of reasons, including rumours of acquisitions has given new dimensions to stock trading as is evident both from large daily volumes and price flare-up

Analysts said all may not be ideal on the law and order front yet but a relative calm after successive attacks during the last couple of days and strong financial support again brought general investors back in the firing line and some of them cherished the idea to buy at the dips.

“The overnight sell-off appears to be more psychological rather than real,” they said adding: “But what seems to have aggravated the situation was its timing and the tense atmosphere in the backdrop of Lal Masjid operation.”

But some others said the recovery appeared to be “inspired as a section of investors after having injected big amounts made it look so.

However, bulk of the support again remained confined to the low-priced issues but most of the overvalued shares rose mostly on support originating from the relevant quarters, they said.

Plus signs were spread on the entire list, major gainers being Siemens Pakistan and Adamjee Insurance, up by Rs25 and 14.80, followed by Fazal Textiles, New Jubilee Insurance, Attock Petroleum, Pakistan Engineering, Pak-Suzuki Motors, Exide Pakistan, Lakson Tobacco, Arif Habib Ltd, National Refinery and Adamjee Insurance, which posted gains ranging from Rs8 to 14.80.Pakistan Services and Bata Pakistan were leading among the losers, off by Rs15.50 and 14.95, respectively. Other prominent losers were led by JS Global, KSB Pumps, Abbott Lab, Gillette Pakistan, Sanofi-Aventis, Mari Gas, Sapphire Textiles, Sitara Chemicals and Bata Pakistan, which suffered decline of Rs6 to 14.95.

Trading volume showed a modest rise at 335m shares from the overnight’s 322m shares as gainers forced a strong lead over the losers at 232 to 134, with 29 shares holding on to the last levels.

The most active list was topped by Arif Habib Securities, sharply higher by Rs5.95 at Rs148.30 on 27m shares followed by Dewan Salman, up one rupee at Rs13.05 also on 27m shares, Fauji Fertiliser Bin Qasim, higher by Rs1.30 at Rs47.40 on reports of foreign interest on 20m shares, PTCL, steady by 50 paisa at Rs47.40 on 14m shares, WorldCall Telecom, firm by 50 paisa at Rs19.90 on 14m shares, Sui Southern Gas, up by Rs1.50 at Rs31.70 on 12m shares, and OGDC, higher by 65 paisa at Rs123.75 on 11m shares.

Other actives were led by Bosicor Pakistan, up 30 paisa on 12m shares, Lucky Cement, higher by Rs2.85 on 11m shares and Pervez Ahmed Securities, up 65 paisa on 8m shares.

FORWARD COUNTER: Fauji Fertiliser Bin Qasim remained in strong demand and was quoted further higher by Rs1.30 at Rs47.30 on 11m shares followed by Dewan Salman, firm by one rupee at Rs13.15 on 8m shares and Lucky Cement, higher by Rs2.55 at Rs129.50 on 5m shares.