KARACHI, Aug 24: The stock market on Friday gave a mixed reaction to apex court verdict on the return of Sharif brothers to the country, but behaved orderly amid alternate bouts of buying and selling.

A modest increase in the index after massive battering and that too at the weekend session reflects that a section of leading investors welcomed the ruling.

After opening sharply lower by about 150 points, the KSE 100-share index did show a modest gain of 51.90 points at 12,053.37 as compared to 12,001.47 a day earlier as leading base shares moved on both sides of the fence amid cautious trading.

Leading base shares, National Bank, OGDC, PTCL, Pakistan Petroleum and Bank of Punjab came in for strong covering purchases at the lower levels and pulled the index out from the early lows.

Analysts said both Benazir and Nawaz were considered the chief exponents of the private sector as they had introduced a number of reforms in their previous tenures aiming at encouraging the private sector.

But some others were of the view that their return to the country could further intensify the political polarisation as contenders of the power would try to outwit each other.

“There is also a perception that the apex court’s verdict of allowing Sharif brothers to return to the country could have far reaching impact on the future political scene,” some other said, advising investors to play safe and should not go beyond back financial support.

Leading gainers were led by National Refinery and IGI Insurance, up by Rs15 and Rs15.85, followed by Pakistan Tobacco, Pakistan Petroleum, Atlas Battery, Nestle Pakistan, Al-Ghazi Tractors, PSO, JS Global and Attock Petroleum, which posted gains ranging from Rs5.30 to Rs10.

Sanofi-Aventis and Siemens were leading among the losers, off Rs13 and Rs49. MCB, EFU General, Pakistan Resource Co, Pakistan Refinery, Atlas Honda, Pakistan Engineering, Berger Paints, Clariant Pakistan and Packages, suffered fall ranging from Rs6 to Rs12.55.

Trading volume fell to 205m shares as losers maintained a fair lead over the gainers at 158 to 121, with 40 shares holding on the last levels.

TRG Pakistan led the list of actives, up by Re1 at Rs13.10 on 24m shares followed by Bank Alfalah, off 95 paisa at Rs42.85 on 14m shares, Lucky Cement, up by Rs4.55 at Rs106.75 on 12m shares and OGDC, higher by Rs1.15 at Rs106.60 also on 12m shares.

National Bank, higher by Rs4.95 at Rs225 on 10m shares, PTCL, up by 45 paisa at Rs47.25 on 8m shares and Pakistan Petroleum, up by Rs5.20 at Rs239.80 on 6m shares.

Other actives were led by Arif Habib Securities, up by 85 paisa on 8m shares, Bosicor Pakistan, lower 15 paisa on 7m shares and Bank of Punjab, up by 90 paisa on 6m shares.

FORWARD COUNTER: OGDC came in for active support at the lower levels and rose by Rs1.05 at Rs106.90 on 10m shares, followed by National Bank, higher by Rs4.40 at Rs225.40 on 9m shares and Lucky Cement, up by Rs5.05 at Rs106.80 also on 9m shares.