KARACHI, Dec 4: The share market on Tuesday staged a snap rally as a section of investors covered positions on selected counters aided partly by revival of financial support amid moderately active trading. The KSE 100-share index again broke through the barrier of 14,000 at 14,036.44, up by 113 points.

But the buying support lacked aggressiveness associated with a bull market as investors filled in supply gaps here and there, notably on the low-priced counters and did not opt for a big operation owing to the presence of political depressants.

The KSE 100-share index recovered from the recent lows on active short-covering in leading oil, bank and cement shares at the lower levels followed by reports of higher interim earnings.

It again breached through the barrier of 14,000 points at 14,036.44 as compared to previous 13,923.68, up by 112.78 points on the strength of leading base shares, notably OGDC, Attock Refinery, Lucky Cement and Arif Habib Securities.

“Essentially, it was a technical rebound at the lower levels on selected counters despite the fact that the political background news are terrible bearish,” said stock analyst Hasnain Asghar Ali.

He said election-related uncertainties were still there as investors worried over the rigid positions taken by the contenders of power on some issues amid talk of boycott.

“The opposition as a whole is progressively heading for one-point agenda and acceptance of its new demands by the president will demonstrate how the future political wind blows,” another analyst Ahsan Mehanti said.

But Ashraf Zakaria was of the view that there could be flutters here and there aided by speculative and capital gains linked buying but there was no possibility of a sustained run-up until the issues related to elections were resolved.

However, no one could deny the fact that current levels are attractive enough to for future investment, which also ensure capital gains, after the dust raised by the political mess settles down, he added.

Plus signs held a modest lead over the minus ones as some of the leading shares managed to finish higher under the lead of JS & Co and Wyeth Pakistan, up by Rs42.95 and Rs31.45, followed by IGI Insurance, Mari Gas, EFU General, Adamjee Insurance, Shell Gas, Treet Corporation, Unilever Pakistan, Attock Refinery and Attock Petroleum, which posted gains ranging from Rs7 to Rs29.

Fazal Textiles and Mitchell’s Farms were leading among the losers, off by Rs5 and Rs5.70. Thal Jute, Quetta Textiles, Hino Pak, Pak Suzuki Motors, Colgate Pakistan and Murree Brewery followed them, off by Rs3 to Rs4.95.

Trading volume showed an increase at 195m shares from the previous 138m shares as gainers topped losers by 197 to 143, with 44 shares holding on to the last levels.

OGDC came in for active support and rose by Rs1.90 at Rs122.30 on 18m shares followed by Lucky Cement, higher by Rs4.60 at Rs123.60 on 12m shares, JS Bank, steady by Re1 at Rs20 on 10m shares and Bank Alfalah, up by Rs1.40 at Rs54.40 on 9m shares.

Attock Refinery, sharply higher by Rs9.95 at Rs262.35 also on 9m shares, D.G. Khan Cement, up by Rs2.20 at Rs99.20 on 8m shares and Fauji Fertiliser Bin Qasim, firm by 25 paisa at Rs45.65 on 7m shares.Other actives were led by Arif Habib Securities, up by Rs2.25 on 6m shares, followed by Sitara Peroxide, higher by Rs2.20 also on 6m shares and Al-Abbas Cement, higher by Re1 on 6m shares.

FORWARD COUNTER: Speculative issues on the cleared list also followed the lead of their counterparts in the ready section led by Lucky Cement, up by Rs4.70 at Rs124.40 on 7m shares, followed by MCB, higher by Rs1.85 at Rs379.35 on 4m shares and D.G. Khan Cement, steady by Rs2.35 at Rs99.95 also on 4m shares.