KARACHI, Jan 23: The share market on Wednesday turned mixed as early smart rally could not be extended in the absence of follow-up support although the KSE 100-share index managed to finish with a modest gain of 28 points on the relative strength of leading base shares.

The broader market, however, ruled weak as alternate bouts of buying and selling remained the hallmark of the trading throughout the session.

An idea of index’s terrible volatility may well be had from the fact that it touched the session’s high at 13,903.61 and the low at 13,753.63 points and finished modestly higher by 27.52 points at 13,787.03 on late covering purchases.

The 75 basis points cut in the US interest rates to boost its economy did partially contributed to the initial smart rally in sympathy with other regional and global markets but the rise of 150 points could not be sustained as investors were not inclined to take long positions until the local political turmoil ends, analysts said.

Stray short-covering in some of the leading base shares, notably OGDC, National Bank, Bank Alfalah and Arif Habib Securities steadily absorbed the negative fallout of the weakness of the MCB which has the largest weightage in it.

But Bosicor Pakistan did not react favourably to reports of its linkage with a leading foreign group, Abraaj Investment as its share value fell by 40 paisa at Rs21.15 after early having risen to Rs22.05.

Bulk of the buying and selling again remained confined to some of the second-liners, which off late have assumed the role of active scrips as investors are not inclined to go for overvalued issues owing to typical political conditions.

NIB Bank, Bosicor Pakistan, TRG Pakistan, BankIslami Pakistan and Bank Alfalah and some others were leading among them, which keep the wheels moving amid alternate buying and selling.

Leading gainers were led by Arif Habib Ltd and JS & Co, up by Rs18 and Rs56.95, followed by Arif Habib Securities, EFU General, Shell Gas, Indus Motors, Pakistan Services, BOC Pakistan, Shell Pakistan, Pakistan Refinery, Adamjee Insurance, AKD Capital and Arif Habib Ltd, which posted gains ranging from Rs7 to Rs18.

HinoPak and Pakistan Engineering were prominent among the losers, off by Rs11 and Rs17.25 respectively. Other losers included IGI Insurance, Pak-Suzuki Motors, Murree Brewery, National Foods, Attock Petroleum and EFU Life, off by Rs5.90 to Rs11.

Traded volume suffered a modest fall at 269m shares as compared to previous 285m shares as losers maintained a fair lead over the gainers at 171 to 134, with 40 shares holding on to the last levels.

The active list was again topped by NIB Bank, lower by 75 paisa at Rs22.05 on 41m shares followed by Arif Habib Securities, higher by Rs7 at 178.50 on 37m shares, Bosicor Pakistan, easy by 40 paisa at Rs21.15 on 17m shares, BankIslami Pakistan, higher by 85 paisa at Rs20.15 on 16m shares and Pervez Ahmed Securities, off Rs3.3.15 at Rs60.35 on 15m shares.

Bank Alfalah followed them, up Rs1.05 at Rs53.80 on 9m shares OGDC, steady by 50 paisa at Rs118.50 on 7m shares and Attock Refinery, off 95 paisa at Rs272.75 on 5m shares.

FORWARD COUNTER: Arif Habib Bank led the list of actives, up by 50 paisa at Rs32 on 8m shares followed by MCB, off Rs4.10 at Rs378.65 on 3m shares and National Bank, up by Rs1.24 at Rs224.99 also on 3m shares.