KARACHI, Jan 6: Stocks on Tuesday maintained their creeping recovery followed by steady inflow of both investment and speculative buying at the attractively lower levels although session’s peak level could not be sustained owing to late-selling by the weakholders ahead of Ashura holidays.

The KSE 100-share index recovered another 2.65 per cent or 156.97 points at 6,074.87.

At last the market has crossed the Rubicon and for good reasons too, analysts said, adding the spate of buying offers even ahead of to two closures reflects that investors now mean business and are not inclined to miss the attractive bait of capital gains at the current levels.

“It is a long journey to regain the lost glory both in terms of the index level and the market capital,” said a leading analyst, “but a thousand mile journey begins with a first step”.

Over the last six months or so the index has lost 10,000 points and the $52 billion in market capital and needs a massive support both from the general investors and the institutional traders, he said despite many ifs and buts.

The significant development is the revival of demand in the leading base shares under the lead of PSO, MCB Bank, OGDC, United Bank and some others, which together could take the market along with them where they like it to be, they added.

The benchmark KSE 100-share index managed to stay above the barrier of 6,000 points and was quoted at 6,074.87, up 156.97 points or 2.65 per cent, while its junior partner the 30-share index rose by about four per cent at 5,653.14, up 213.37 points and All Share index was quoted higher by 2.27 per cent at 4,554.65.

Although much of the future direction of the market will depend on the institutional support and fund buying as some of the investors are still shaky about the future direction but one thing is clear that the current lower levels will continue to be attractive bait in the coming sessions also.

Plus signs again dominated the list under the lead of MCB Bank, Attock Petroleum, PSO, National Refinery, Pakistan Oilfields, Pakistan Petroleum, Millat Tractors, Engro Chemical, BOC Pakistan, Packages, Glaxo-SKF and Unilever Pakistan, which posted fresh gains ranging from Rs4.39 to Rs10.

Among the top losers Nestle Pakistan, Treet Corporation, Pakistan Services and Siemens Pakistan were leading, off by Rs12.96 to Rs66.67, leading among them being Siemens and Nestle Pakistan.

They were followed by JS Global, EFU General Insurance, IGI Insurance, Indus Motors, Clariant Pakistan, PECO, Al-Ghazi Tractors and Shell Pakistan, which were marked down by Rs5.20 to Rs14.74.

Trading volume, however, shrank to 165m shares from the previous 210m shares as leading investors played safe owing to risks involved in the intervening holidays. Gainers topped losers by 147 to 133, with five shares holding onto the last levels.

OGDC topped the list of actives, up Rs4.63 at Rs5.73 on 14m shares followed by TRG Pakistan, steady by 14 paisa at Rs2.99 on 11m shares, NIB Bank, firm by 34 paisa at Rs6.35 on 8m shares, WorldCall Telecom, up 88 paisa at Rs5.11 on 7m shares and PTCL, up Re1 at Rs16.61 also on 7m shares.

Pervez A. Securities followed them higher by 99 paisa at Rs6.20 on 6m shares, PSO, up Rs4.14 at Rs128.12 also on 6m shares, United Bank, Rs1.77 at Rs37.31 on 5m shares and MCB Bank, higher by Rs5.40 at Rs113.92 also on 5m shares.

FORWARD COUNTER: Easier conditions were again witnessed on this counter as investors continued to liquidate their long positions but without any deals. Arif Habib Securities, Adamjee Insurance and JS Company came in for fresh selling and ended further lower from Rs1.88 to Rs4.56.

DEFAULTER COMPANIES: Zeal Pak Cement came in for fresh support and rose by nine paisa at Rs0.80 on 6.546m shares followed by Japan Power, lower 15 paisa at Rs2.22 on 0.673m shares, Unity Modaraba, steady by three paisa at Rs0.54 on 0.254m shares and Mukhtar Textiles, lower 16 paisa at Rs0.59 on 0.110m shares.

Haydery Constructions fell by 10 paisa at Rs0.89 on 0.102m shares and Invest Bank, higher by 75 paisa at Rs3.01 on 74,500 shares and National Asset Leasing, easy four paisa at Rs0.46 on 77,000 shares.