KARACHI, Sept 18: The Karachi Stock Exchange was led by bulls on Tuesday, gaining 118 points, or 0.77 per cent, to 15,517.19 points, as investors took fresh positions in middle-tier stocks despite a high-profile judicial hearing.

Prime Minister Raja Pervez Ashraf told the court he would tell the law minister to withdraw a previous request to Swiss authorities to freeze corruption investigations of President Asif Ali Zardari, easing tension at least temporarily.

“With dust appearing to settle on the political front, investors opted to take fresh position but activity remained skewed towards mid cap stocks with KESC, Fatima and PTCL leading the volumes,” said Mohammad Rizwan, Senior Manager Equity Sales at Topline Securities Ltd.

Volume marginally fell to 90.78 million shares, compared with 98 million shares traded on Monday but trading value rose by Rs872 million to Rs4.53 billion from Rs3.66 billion. Market capitalisation stood almost flat at Rs3.94 trillion from Rs3.91 trillion a day earlier.

However dealers said investors are likely to remain cautious in the coming days due to the deteriorating law and order situation in the country’s commercial hub and also on fears following protests against an anti-Islam film.

“Karachi’s security situation is a bit disturbing for the market and till this does not subside, investors might be reluctant to take big positions in the market for the coming days,” said Shuja Rizvi from Al-Hoqqani Securities Ltd.

The KSE-100 index is also hovering close to its all-time high of 15,737 points achieved on April 20, 2008, which has made some investors reluctant and might opt to book some profits.

The index touched its high at 15,524.59 points and low at 15,398.68 points which reflected slight volatility but since activity was restricted mainly to the second and third-tier stocks, the market did not witness any massive dips or surges.

Foreign investors bought shares worth $1.5 million compared with $0.29 million on Monday, while companies were the major sellers of equity worth $2.56 million.

Consolidation continued in blue chip stocks due to uncertainty in global markets, including equity and oil. Shares in Europe and the United States edged lower dropping for a second straight day as investors looked for reasons to extend a recent rally amid signs of slowing economic growth. International oil prices also fell on the same concerns.

The market capitalisation based KSE-30 index gained 132.39 points to 13,172.64 points. Among the 340 shares that were traded on Tuesday, the share value of 207 companies advanced, 103 declined, while 30 remained unchanged.

Rafhan Maize witnessed the biggest increase of Rs218 to Rs4,625 followed by Atlas Battery up Rs12.45 to Rs261.61.

The share that had the biggest fall was Bata (Pak) ltd, which shed Rs41.98 to close at Rs960.02, followed by Sanofi-Aventis Pak which decreased by Rs11.08 to Rs210.59.

In the top ten active scrips, KSEC was the volume leader with 14.75 million shares, up 61 paisa to Rs7.76, Fatima Fertiliser Co gained Rs1.15 to Rs23.29 on 10.1 million shares, PTCL rose 60 paisa to Rs19.55 on 9.68 million shares and Worldcall telecom increased marginally by 18 paisa to Rs3.12 on 5.79 million shares.

Fauji Cement gained 10 paisa to Rs6.32 on 5.76 million shares, Engro Food Ltd went up by 42 paisa to Rs71.40 on 4.69 million shares, Engro Corporation made sharp gains of Rs1.39 to Rs107.85 on 3.95 million shares, Netsol Technologies gained 62 paisa to Rs21.84 on 3.91 million shares, Telecard Ltd increased by 21 paisa to Rs3.13 but NIB Bank shed 4 paisa to close at Rs2.48 on 3.45 million shares.