KARACHI, Nov 27: Stocks on Tuesday maintained an uppish leaning, as leading shares came in for strong support at the lower levels and evoked good sympathetic buying on the other counters.

The KSE 100-share index posted a fresh modest gain of 11.87 points at 1,372.76 as compared to 1,350.89 a day earlier as all the major base shares finished recovered in an improved traded volume.

Bulk of the covering purchases was confined to a half dozen pivotals, notably PTCL, Hub-Power, ICI Pakistan, Engro Chemicals and PSO, which took the entire market along with them well above the index resistance level of 1,370 points.

Having a weightage of 43 per cent in the index, both PTCL and Hub-Power played a pivotal role in reversing the market trend but it was largely the strength of the PSO and massive covering purchases in it, which evoked a good sympathetic support in some other energy shares, dealers said.

The run-up in the PSO was attributed to a strong rumour that the Kuwait Investment Company has offered PSO’s five million share held by it to a Dubai-based oil company. The perception that the foreign interest in local shares could well mean inflow of massive amounts, dealers said.

Stock analysts said the advent of long-awaited financial support could lead to a sustained run-up in the sessions to come as most of the major irritants of investors has been removed.

“With Afghan war nearing its end and foreign aid pipeline not being that dry, investors are anticipating a major boost to the stock trading in the coming weeks,” they said.

What could well be a most significant factor allowing the market to stay above the 1,400 point index level is the strength of the rupee and a considerable rise in the foreign exchange reserves at $4.2 billion and market talk of US aid package of $8 billion could further give the needed depth to the underlying sentiment.

“I don’t see a weak market for the near-term,” says a leading stock broker. “It has now all what is needed to push it up from the current lows or to the index level of 1,500 plus.”

The recovery was broad-based as all the leading sectors participated in it under the lead of energy and textile counters, both having reasons to attract fresh support.

Plus signs dominated the list under the lead of Grays of Cambridge, which spurted by Rs.75 at Rs.375 on only 100 shares owing to the shortage of floating stock followed by Siemens Pakistan, up Rs.18 on post-dividend buying.

Other good gainers were led by Bhanero Textiles, Saif Textiles, Burewala Textiles, Adamjee Insurance, PSO, Shell Pakistan, Ferozsons Lab and Clover Pakistan, which rose by Rs.2 to 7.

Colgate Pakistan, Shell Gas and Wyeth Lab led the list of losers, off Rs.3.60 and 14.75 followed by EFU Life, Al-Ghazi Tractors, and General Tyre, off Rs.1.20 to 1.75.

Trading volume rose to 51m shares from the previous 36m shares as advancing shares held a fair lead over the losing ones at 82 to 48, out of 181 actives.

Hub-Power was actively traded, up 25 paisa at Rs.19.75 on 17m shares followed by PTCL, higher also by 25 paisa at Rs.18.10 on 14m shares, PSO, sharply higher by Rs.3.90 at Rs.101.45 on 7m shares, Sui Northern Gas, steady by 20 paisa at Rs.11.35 on 3m shares and Engro Chemical, up one rupee at Rs.54.40 on 2m shares.

National Bank, which is being provisionally quoted until the balloting came in for active support and ended at Rs.13.75 after hitting the lowest and the highest at Rs.13.45 and 13.90 respectively on 0.4m shares.

FUTURE CONTRACTS: Hubco topped the list of actives, up 30 paisa at Rs.19.75 on 1.695m shares followed by PTCL, higher 30 paisa at Rs.18.10 on 0.652m shares, and PSO, sharply higher by Rs.3.50 at Rs.101.00 on 0.280m shares.