KARACHI, Nov 7: Stocks on Thursday recovered from the overnight lows but the future outlook appears uncertain until the current political standoff is resolved and the coalition or a national government at the centre is in place.

The trading pattern and the range of stocks, which came in for dealing fully reflected the advent of the holy month of Ramazan, which took its toll in the form of low volume sans big bargain-hunting or speculative buying.

After early showing either-way wide swings, the KSE 100-share index managed to finish with a modest rise but the underlying sentiment remained highly volatile in the backdrop of political uncertainty.

It finally ended partly recovered with a gain of 5.12 points at 2,228.54 as compared to 2,223.42 a day earlier thanks to stiff resistance offered by the leading base shares to fresh declines on active short-covering.

The $1 billion debt waiver as indicated by the visiting US official did forestall heavy selling in some of the leading MNCs, but investors seem to have derived their strength taking positive view of the political crisis based on hopes of its early resolution.

But no one is sure about the future direction of the post-election political events as the split mandate has created more problems rather than solutions of the impasse.

“The postponement of the National Assembly session for a week may not necessarily resolve the current political standoff”, says a leading broker and feared “it could further deepen the cleavage among the contenders owing to rigid positions taken by some of them”.

The general perception is that the prevailing political scenario is attaining new dimensions each day if the direction of the logical events was changed through some underhand deals, he adds.

Most analysts, however, believe the market may remain unsettled until the current political impasse caused by split mandate is resolved and the government is formed at the centre.

Meanwhile, investors are now toeing the line of political news from Islamabad and is not guided by its fundamentals, which are not too bad.

Treet Corporation led the list of major gainers, rising for another Rs8, the total during the last couple of sessions being Rs30 on active support followed by reports of higher sales. Pakistan Reinsurance Co followed it higher by Rs19.25.

Other prominent gainers were led by Shell Gas LPG, General Tyre and Abbott Lab, up by Rs2.50 to 5.

Wyeth Pakistan suffered a fresh fall of Rs16.50, the total being Rs50.00 during the last two sessions, followed by Grays of Cambridge, off Rs12. Attock Refinery, Nestle MilkPak and Siemens Pakistan followed them, off Rs2 to 11.

Owing to the advent of the holy month of Ramazan, the physical activity considerably

KSE-100 share index recover 5 points slowed down as was reflected by a sharp decline in the traded volume at 147 millioj shares from the previous 297 million shares. Advancing shares held a modest lead over the losing ones at 108 to 93, with 41 shares holding on to the last levels.

PTCL topped the list of most actives, up by 10 paisa at Rs21.70 on 34m shares followed by Hub-Power, unchanged at Rs26.45 also on 34m shares, PSO, steady five by paisa at Rs191.40 on 19m shares, Engro Chemical, higher by Rs1.60 at Rs72.85 on 11m shares, FFC-Jordan Fertilizer, up by 25 paisa at Rs8.05 on 10m shares, National Bank, lower 25 paisa at Rs25.80 on 9m shares and ICP SEMF, higher by Rs1.25 at Rs35.30 on 5m shares.

Other actives were led by KESC, easy five paisa on 6m shares, ICI Pakistan unchanged on 2m shares and Dewan Salman, lower five paisa also on 2m shares.

FORWARD COUNTER: PSO came in for fresh active selling for the second day in a row and was marked down by 20 paisa at Rs193 on 15m shares followed by Hub-Power, unchanged at Rs26.60 on 7.212m shares.