KARACHI, Nov 27: Stocks on Tuesday lacked normal trading interest as leading investors kept to the sidelines apparently having an overview of the developing political situation after the first phase of election was over amid talk of boycott by the opposition.

But instances of selective support were not wanting as a good number of leading shares managed to finish with an extended gains on stray short-covering.

It was the rollover week for the matured November settlements and some of the leading investors rolled over their leveraged positions to the newcomer December contracts, while some others squared them.

While the broader market eased from the current higher levels, the KSE 100-share index managed to finish modestly higher by 19.48 points at 13,795.46 as compared to 13,775.98 a day earlier. Its junior partner KSE 30-share index also recovered 22.63 points at 16,515.78.

Some of the leading base shares managed to finish with an extended gain under the lead of National Bank, Arif Habib Securities and Pakistan Oilfields adding a modest rise to it.

Analysts said the falling turnover figure indicates that investors are not inclined to make fresh commitments in a big way owing partly to election uncertainties and partly to heating of the political scenario.

What seems to be more important is the absence of financial institutions from the market, which in the similar situations provide the much-needed lead to the general investors, they said adding on the top of it is lack of foreign support, they said.

Although the national elections are about six weeks away (Jan 8, 2008), investors seem to be in mood to take even calculated risks as no one is sure about the post-election government and its policies, some others said.

They said the opposition’s threat to boycott election if their demands were not met was another inhibiting factor, which kept genuine investors out the market for obvious reasons.

Among the top gainers, Siemens Pakistan and Unilever Pakistan were leading, up by Rs71 and 30, followed by Javed Omer, JS Global, Central Insurance, EFU General, Shell Gas, BOC Pakistan, Clariant Pakistan, Sitara Chemicals, Mitchell’s Farms, Grays of Cambridge, Attock Petroleum, which posted gains ranging from Rs7.05 to 13.20.

JS & Co and Pakistan Services were prominent among the losers, off by Rs27.35 and 15. Others to follow them were led by Habib Bank, Sapphire Fibres, Colgate Pakistan, Clover Pakistan, and Dawood Hercules, which suffered fall ranging from Rs6.25 to 12.15.

Trading volume further shrank to 210m shares from the previous 222m shares as losers held modest lead over the gainers at 182 to 158, with 41 shares holding on to the last levels.

National Bank came in for fresh support and rose by Rs3.80 at Rs247.30 on 18m shares followed by OGDC, easy by 70 paisa at Rs121.60 on 16m shares, Arif Habib Securities, higher by Rs3.50 at Rs168 on 13m shares, PTCL, steady by five paisa at Rs44.45 on 11m shares, Javed Omer, 7.60 at Rs160.15 on 10m shares, and Pakistan Oilfields, higher by Rs2.45 at Rs348.45 also on 10m shares.

Other actives were led by Unity Modaraba, up one rupee on 7m shares followed by Pakistan Petroleum, lower by Rs1.25 also on 7m shares and Pervez Ahmed Securities, up 90 paisa on 5m shares.

FORWARD COUNTER: National Bank led the list of actives, up by Rs3.75 at Rs247.50 on 4m shares, followed by OGDC, lower 84 paisa at 121.85 also on 4m shares and its December contract showed a fractional decline of 6 paisa at Rs121.19.