Turnover figure, however, failed to expand proportionately as the rumour based on some Islamabad information got currency a bit late when investors were engaged in mopping operations and closing bell was just around.
The market is expected to extend the snap rally on Wednesday if the rumour is confirmed by the KSE officials as investors are awaiting some positive news on the badla-related issues.
The market’s instant positive reaction to unconfirmed badla-related reports is well-manifested in the steep rise in the KSE 100-share index, which rose by 1.5 per cent or 108.97 points at 7,517.52 as all the leading base shares virtually raced toward their pre-reaction chart levels.
OGDC, Pakistan Petroleum, PSO and PTCL, which together hold a weightage of 50 per cent in the index, led the market advance on strong covering purchases, finishing with strong recoveries.
Although there is no official word on the issue but the rumoured extension in the COT financing could give the needed push to the ailing market even by on Wednesday, brokers said.
Under the rumoured agreement between the Securities and Exchange Commission of Pakistan (SECP) and the KSE, badla and margin financing will go together until the end of the current year before the total phasing out of the badla mode of financing.
The general perception is that the change of a system takes quite sometime until people involved in it are fully geared to it after having judged the merits and demerits of both the systems, they said.
Abrupt official decisions and implementation deadlines have already done a great damage to stock trading and it was necessary to go by the market parlance with a view to restore respectability to stock trading, some others said.
Plus signs, therefore, forced a comfortable edge over the losing ones, leading gainers being Berger Paints, Pakistan Petroleum, and Mari Gas, up Rs5.10 to Rs9.10 followed by N.P. Spinning, Gatron Industries, Kohat Cement, Fauji Fertilizer, Unilever Pakistan, and OGDC, which posted gains ranging from Rs2 to Rs12.
Losers were led by Artistic Denim, Shell Pakistan, Atlas Honda, and Nestle MilkPak, which suffered decline ranging from Rs9 to Rs26.50.
Sana Industries, Al-Abbas Sugar, Haroon Oils, Murree Brewery, Pakistan Engineering, Metropolitan Bank and Wyeth Pakistan followed them, off Rs2 to Rs5.
As the rumours about the extension in badla cut-off date reached late in the trading hall, the volume failed to expand to a desired level and showed a modest rise at 138m shares as compared to 103m shares a day earlier. Gainers, however, managed to force a modest lead over the losers at 136 to 119, with 36 shares holding on to the last levels.
OGDC topped the list of most actives, up by Rs4.30 at Rs109.60 on 47m shares, PTCL firm by 40 paisa at Rs64.70 on 31m shares, Pakistan Petroleum, up by Rs5.30 at Rs221.35 on 10m shares, National Bank, steady by 40 paisa at Rs107.75 on 8m shares, PSO, higher by Rs1.30 at Rs382.30 on 5m shares, Fauji Fertilizer Bin Qasim, up 90 paisa at Rs27.65 on 7m shares.
Other actives were led by Kot Addu Power, up by 80 paisa on 5m shares, Nishat Mills, higher by Rs1.10 on 3m shares, Pakistan Oilfields, up by Rs1.40 also on 3m shares and Chakwal Cement, firm by 35 paisa on 2m shares.
FORWARD COUNTER: Pakistan Petroleum came in for renewed support and was marked up by Rs5.55 at Rs224.65 on 19m shares followed by OGDC, higher by Rs4.20 at Rs110.75 on 18m shares and PTCL, firm by 55 paisa at Rs65.65 on 16m shares.
PSO followed them, up by Rs2.50 at Rs388.50 on 5m shares and National Bank, higher by 60 paisa at Rs109.25 on 4m shares. Others also rose amid light trading, notably among them being Fauji Fertilizer, up by Rs2.95 at Rs126 on modest turnover.
DEFAULTING COS: Trading on this counter remained mixed as investors played on both sides of the fence. There was, however, no big deal on any of the counters and price movements were fractional.
DIVIDEND: Pakistan Stock Market Fund, bonus shares at the rate of Rs25 per unit (50 per cent of the face value of Rs50 per unit), interim cash dividend at Rs10 per unit already paid. Pakistan Income Fund, bonus shares at rate of Rs4.80 per unit.