KARACHI, Oct 29: Stocks on Tuesday resumed their upward drive as bulls were not inclined to sit on the sidelines ahead of PTCL board meeting on Wednesday (today) and a market talk of its credibly improved financial performance along with the some other leading companies. The KSE-100 share recovered 6.80 points at 2,214.43.

The overnight correction was long overdue but it was delayed in the backdrop of quarterly board meetings of some leading companies and expectation of higher interims.

However, the fact that bulls fought back after a mild reaction tells that near-term outlook still appears, although leading analysts are signalling to their clients a “bit restraint until the political impasse is resolved after the calling of National Assembly session and the formation of the central government.”

After having received early massive battering followed by renewed institutional selling, the KSE 100-share index managed to finish higher by 6.80 points at 2,214.43. The day’s lowest was hit at 2,191.00 points at one stage owing to early profit-selling.

“Further technical correction was overdue as most of the leading shares are still highly overvalued,” one broker claim, adding “but PTCL quarterly results tomorrow (Wednesday) did not allow bulls to stay on the sidelines and they made hectic covering purchases on the low-priced counters.”

Whether or not the index level above 2,200 points reflects the current state of economy or the industrial productivity is being debated among the investors, brokers said, adding “fears are lurking in their minds about a big shakeout if the post-election political scenario gets further blurred.”

FFC-Jordan Fertiliser, National Bank and some others came in for active support under the lead of PSO and, auto and energy shares, notably oil refiners led the market advance.

The central bank annual report on the state of economy, including growth and inflation rates, received a mixed response but fall in industrial production, one of the key sustaining factors worried investors.

But some analysts predict that steep increase in 29 per cent in the stock market over the last year and the buoyant current market signals that both the bulls and the bears have their own perceptions about the future share business outlook.

“The quarterly results announced by some of the leading companies are far below the investor expectations,” they said, adding “the hopes of improved EPS from the remaining ones continue to inspire fresh support at the dips.”

Prominent gainers were led by 13th ICP Mutual Fund, ICP SEMF, Shell Pakistan, Pak-Suzuki Motors, Dawood Hercules, National and Pakistan Refinery, Indus Motors, Dawood Hercules, Packages, Wyeth Pakistan, Mitchells, Treet Corporation, Unilever and Pakistan Reinsurance Co, which posted gains ranging from Rs2 to Rs11.59.

Losers were led by Javed Omer, Bolan Castings, Millat Tractors, Aventis Pharma, Grays of Cambridge and Nestle MilkPak, off Rs2 to Rs10, largest fall of Rs10 being in Nestle MilkPak.

Although plus signs managed to maintain a comfortable edge on the losing ones, the modest margin reflects the figures could be reverse. Plus led minus ones at 147 to 121, with 61 shares holding on to the last levels.

Trading volume fell to 200m shares from the previous 233m shares as leading shares mostly stayed dormant under the led of PTCL and Hub-Power.

FFC-Jordan Fertiliser topped the list of most actives, up 60 paisa at Rs7.90 on 30m shares on reports of normal production at its DAP unit followed by National Bank, higher 20 paisa at Rs25.65 on 22m shares, PSO, up 45 paisa at Rs190 on 19m shares, PTCL, easy five paisa ahead of its board meeting at Rs20.55 also on 19m shares, Hub-Power, unchanged at Rs25.30 on 18m shares, MCB, off 40 paisa at Rs45.85 on 9m shares and ICP SEMF, higher by Rs2.40 at Rs35.45 on 5m shares.

Other actives were led by Sui Northern, firm 20 paisa on 14m shares, Dewan Salma, steady by five paisa on 12m shares and ICI Pakistan, higher by 70 paisa on 9m shares.

CLEARED LIST: Speculative issues on the forward counter showed quietly mixed trend where the matured October settlements were rung off the board and the November contracts assumed the role of ruling contracts.

PSO came in for strong support, up 75 paisa at Rs191.65 on 7.762m shares followed by Hub-Power, unchanged at Rs25.50 on 5m shares and FFC-Jordan Fertiliser, higher 60 paisa at Rs7.95 on 3.249m shares.

Other actives were led by PTCL, easy five paisa at Rs20.75 on 2.242m shares and Dewan Salman, unchanged at Rs15.95 on 1.666m shares.

DEFAULTER COMPANIES: Shares of 18 companies came in for trading, most active among them being Quice

Foods, unchanged at Rs1.90 on 19,000 shares, Allied Motors, easy 70 paisa at Rs11.10 on 8,500 shares and Saitex Spinning, up 20 paisa at Rs2.70 on 7,000 shares.

DIVIDEND: Wan Noble Chemicals, cash 27.5 per cent; UDL Industries, Latif Jute Mills, Morafco Industries, and Pakistan Hotels Developers, all nil.