KARACHI, Nov 20: Stocks on Tuesday maintained their re-

covery drive on active follow-up support aided by some positive developments on the political front, but the buying support failed to assume anticipated euphoria at the current lows, analysts said.

The KSE 100-share index posted a fresh rise of 75.55 points at 13,315.42 as compared to 13,239.87 a day earlier, reflecting the strength of oil and banking shares. The KSE 30-share index added 145.13 points to the previous total at 15,870.76.

Although the defiance of the US demand by the President Musharraf to lift emergency immediately worried some leading investors on the perception that it could eventually lead to confrontation between the two countries, which analysts said, would work against the market sentiment.

The continuity in the financial policies after the president takes oath for the second term during the next couple of weeks may evoke a lot of covering purchases at the current lows but investors are still in two minds, analyst Ashraf Zakaria said.

“Political polarisation at home, law and order situation in Swat and tribal areas and deteriorating relations with the US could well prove a last straw on the market’s back,” he said, adding “the more important outcome of the confrontation may be the massive outflow of foreign capital of about a billion dollar in the share market”.

Daily low volumes reflected that both the leading investors as well as the financial institutions were just marking time and were not fully participating in the proceeding apparently awaiting the dust raises on more than one issues settles down, said Hasnain Asghar Ali.

Leading gainers were led by Colgate Pakistan and Unilever Pakistan, up by Rs25 and Rs29, followed by MCB, Millat Tractors, Abbott Lab, Sitara Chemicals, Arif Habib Ltd, BOC Pakistan, Grays of Cambridge, JS & Co, Adamjee Insurance and HinoPak, which were traded higher by Rs6.70 to Rs16.

Prominent losers included JS Global and Siemens Pakistan, off Rs13.50 and Rs91.20. Others which fell by Rs6 toRs7.95 included EFU Life, Javedan Cement, Ferozsons Lab, Gillette Pakistan, Mirpurkhas Sugar and Murree Brewery.

Trading volume showed a fresh rise at 206m shares as compared to 177m shares a day earlier as gainers held a modest lead over the losers at 170 to 157, with 43 shares holding on to the last levels.

OGDC again led the list of actives, up by 65 paisa at Rs119.90 on 27m shares followed by Pakistan Petroleum, higher by 90 paisa at Rs245.25 on 18m shares, Arif Habib Securities, up by Rs4.65 at Rs162 on 12m shares, Pakistan Oilfields, firm by Rs1.85 at Rs235.60 on 9m shares, National Bank, higher by Rs2.80 at Rs235.60 also on 9m shares and D.G. Khan Cement, up by 1.65 at Rs88.90 on 8m shares.

Other actives included Javed Omer, up Rs1.45 on 6m shares, NIB Bank, steady by 40 paisa also on 6m shares and Attock Refinery, off Rs3.20 also on 6m shares.

DEFAULTER COMPANIES: Unity Modaraba led the list of actives, up by 80 paisa at Rs1.80 on 4.156m shares followed by Zeal Pak Cement, easy 10 paisa at Rs4.55 on 2.992m shares and Japan Power, unchanged at Rs8.30 on 0.851m shares.