KARACHI, Dec 19: The share market on Wednesday was back on the rails as a section of investors covered positions at the lower levels apparently indicating the advent of year-end portfolio adjustments and speculative buying. The KSE 100-share index rose by 151 points or 1.04 per cent at 14,659.

The snap rally was, however, confined to banking, oil and cement counters aided by reports of higher earnings and payouts.

“It was, however, a very unusual performance ahead of a long holiday weekend, which generally evokes a lot of profit-selling,” analyst Ahsan Mehanti said and added that jobbers and weakholders were buyers under the lead of some big ones instead of sellers.

The KSE 100-share index recovered 151 points or 1.04 per cent at 14,658.83 as compared to 14,508.29 a day earlier as leading base shares rose under the lead of OGDC and Bank Alfalah.

The KSE 30-share index rose by 160.54 at 17,463.25.

A sharp increase in the share value of OGDC, Askari Bank, Bank of Punjab significantly attributed to the rise, having large weightage in it.

“I don’t call it a technical rebound ahead of four closures,” analyst Ashraf Zakaria said, adding “I may be wrong but heavy covering purchases in the banking sector signals the return of foreign investors”.

And if it is correct the year-end buying, which could manifest itself in a bigger way during post-holiday trading there could be free for all the current lower levels, he added.

Analysts Hasnain Asghar hopes the rally is expected to be sustained also as together with the year-end buying speculative investors may not sit on the sidelines.

Leading gainers were led by JS & Co and Wyeth Pakistan, up by Rs47.05 and Rs60.

They were followed by Allied Bank, Adamjee Insurance, Atlas Honda, Dawood Hercules, Sanofi-Aventis, Gillette Pakistan, National Foods, Rafhan Maize, Attock Petroleum, EFU General, EFU Life, Mari Gas and Siemens Pakistan, which posted gains ranging from Rs5 to Rs21.

Leading losers included Fazal Textiles and Unilever Pakistan, off by Rs30 and Rs20.20, respectively, followed by Sitara Chemicals, Nestle Pakistan, Pakistan Resource Cos, JS Global, AKD Global and Bata Pakistan, off by Rs9 to Rs20.

Trading volume soared to 302m shares from the previous 167m shares as gainers forced a strong lead over the losers at 243 to 118, with 33 shares holding on to the last levels.

The most active list was topped by Bosicor Pakistan, up by Rs1.05 at Rs22.75 on 31m shares, Bank Alfalah, higher by Rs1.40 at Rs56.60 on 14m shares, OGDC, firm by Rs2.80 at Rs126.45 also on 14m shares, Askari Bank, up by Rs1.75 at Rs104.25 on 14m shares, BankIslami Pakistan, higher by Re1 at Rs16.85 on 10m shares and Sitara Peroxide, up by Rs2.55 at Rs64 on 9m shares.

Other actives were led by JS Bank, steady by Rs1.05 at Rs22.05 on 12m shares followed by NIB Bank, steady by 20 paisa on 10m shares, WorldCall Telecom, firm by 25 paisa on 9m shares and Callmate Telips, up one rupee on 8m shares.FORWARD COUNTER: OGDC came in for active short-covering on reports of higher oil prices and rose by Rs2.80 at Rs126.80 on 6m shares followed by Bank Alfalah, up by Rs1.25 at Rs56.75 on 4m shares and Askari Bank, higher by Rs2.10 at Rs104.70 also on 4m shares.

Bank of Punjab followed them, higher by Rs1.70 at Rs103.80 on 3m shares and Telecard, steady by 35 paisa at Rs11.15 also on 3m shares.

DEFAULTER COMPANIES: Active trading was witnessed on this counter where prices generally rose under the lead of Unity Modaraba, up by 35 paisa at Rs2.25 on 1.454m shares, followed by Japan Power, lower by 10 paisa at Rs7.60 on 1.141m shares and Pangrio Sugar, higher by Re1 at Rs19.90 on 0.915m shares.