KARACHI, Sept 26: Stocks on Wednesday staged a smart rally as investors made active short-covering in the leading oil and banking shares at the lower levels which put the market back on the rails. The KSE 100-share index was up by 73.24 points at 13,270.

The broader market also performed credibly well reflecting that some of the leading investors have found cue about how things are going to shape up in the capital in the next two days and that was why they rode the bandwagon in a rising market.

“I don’t rule out the possibility of revival of foreign demand on both the counters,” said an analyst, adding “only foreign buyers could take risk on some positive leaks ahead of the apex court verdict on the president’s dual office any day”.

The newly-listed Habib Bank that had been under pressure since it came on the ready board on Monday at Rs305 and had fallen by Rs30 during the last two sessions led the market advance aided by National Bank, Bank Alfalah and MCB.

Habib Bank though fell well below the session’s peak level of Rs284.50 at Rs280.50, recovered Rs5.20 from the overnight losses.

The KSE 100-share index was quoted higher by 73.24 points at 13,270.28 as compared to 13,197.04 a day earlier, bulk of which was contributed by the MCB, OGDC, National Bank and Engro Chemical. The 30-share index ended higher by 103.79 points.

Floor brokers said falling volume showed that there is much more at risk at this stage to invest in shares even though most of them ensure higher capital gains.

“Apex court decision about the president’s dual office, his reelection by the existing assemblies, and opposition’s threat to resign en bloc against his reelection are some of the irritants which do not allow the market to respond positively to its basic demands based on corporate earnings,” they said.

The market is expected to play on both sides of the fence until the issue of president’s reelection is resolved on Oct 6, they said.

Plus signs dominated the list under the lead of Unilever Pakistan and Siemens Pakistan, up by Rs60 and Rs65, followed by JS & Co, IGI Insurance, Central Insurance, Shell Pakistan, Lakson Tobacco, HinoPak, Pak-Suzuki, Cherat Papersack, Packages, Sitara Chemical, Pakistan Services, Noon Pakistan, Shezan International and Unilever Pakistan Foods, which posted gains ranging from Rs7.25 to Rs26.

Pakistan Engineering and Mari Gas led the list of losers, off by Rs12.45 and Rs12.90 respectively. Other prominent losers included Mirpurkhas Sugar, Attock Petroleum, PSO, Atlas Battery, Nestle Pakistan and National Foods, off by Rs5 to Rs10.35.

Traded volume was maintained the overnight level of 173m shares but gainers held a modest lead over the losers at 169 to 131, with 35 shares holding on to the last levels.

Engro Chemical topped the list of most actives, up by Rs4.95 at Rs261.50 on 14m shares followed by Habib Bank, higher by Rs5.20 at Rs280.50 on 13m shares and Bank Alfalah, firm by Re1 at Rs49.50 on 12m shares.

OGDC, steady by 40 paisa at Rs115.10 on 9m shares, Attock Refinery, unchanged at Rs231.50 on 8m shares, National Bank, up by 60 paisa at Rs243.85 on 7m shares and MCB, sharply higher by Rs5.20 at Rs329.75 also on 7m shares.

Other actives were led by Bosicor Pakistan, steady by 25 paisa on 12m shares followed by Fauji Fertiliser Bin Qasim, easy five paisa on 7m shares and Arif Habib Securities, off Rs1.30 on 6m shares.

FORWRAD COUNTER: OGDC led the list of actives on this counter, up by 25 paisa at Rs115.19 on 4m shares followed by its October delivery, higher by 18 paisa at Rs115.85 on 3m shares and MCB, higher by Rs4 at Rs329.50 on 3m shares.