KARACHI, Dec 14: Stocks on Friday staged a snap recovery as leading base shares came in for active short-covering at the lower levels and pushed the market in the plus column after persistent pruning during the last two sessions. The KSE 100-share index rose by 22.55 points at 14,556.53.

The notable feature was that the bulk of the support remained confined to most of the low-priced issues, notably Pakistan Cement, Telecard and JS Bank.

Bosicor Pakistan on the other hand apparently did not cherish the idea of its takeover by a foreign company and came in for active selling.

Stocks, however, resisted fresh fall as a section of investors covered positions on the oil and some other blue chip counters at the attractively lower levels.

The KSE 100-share index recovered 22.55 points at 14,556.53 as compared to 14,533.98 a week earlier as some of the leading base shares finished higher. Its junior partner the KSE 30-share index dipped 40.17 points at 17,415.64.

Analysts said it was unusual performance as weekend session mostly attract selling from the weakholders as they were not inclined to take risk in the upcoming Eid holidays.

However, in market parlance, the rally did manifest itself in a big way but remained highly selective as investors were not inclined to go beyond some of the safe havens, they said.

Oil sector again led the market recovery on reports of proposed increase in the selling prices at the retail level and partly to fresh rise in international prices, they said, adding “it reinforces the perception that the pre-holiday closing will be on the higher note.

Another positive development will be lifting of the emergency, which is expected to open the way for the foreign fund investment on the oil, banking and cement sectors, they added.

Moreover, investor perceptions about the post-election scenario may be in line with their thinking and this factor did not allow them to leave the arena despite series of suicide attacks.

Leading gainers were led by Siemens Pakistan and JS & Co, up by Rs73 and Rs40.65, followed by IGI Insurance, EFUL Life, EFU General, Lakson Tobacco, New Jubilee Insurance, National Foods, Shezan International, Treet Corporation, Pakistan Resource Co and Wyeth Pakistan, which posted gains ranging from Rs9 to Rs20.

Bata Pakistan and KSB Pumps were prominent among the losers, off Rs26 and Rs11.75 respectively. Other prominent losers included Allied Bank, MCB, National Bank, Mehmood Textiles, Gatron Industries, Dawood Hercules, BOC Pakistan, AKD Securities and Sanofi-Aventis, which fell by Rs3 to Rs5.45.

Trading volume showed modest decline at 251m shares as compared to 256m shares a day earlier but gainers held a lead over the losers at 188 to 143, with 44 shares holding on to the last levels.

Bosicor Pakistan, which was in the news on takeover bid led the list of actives, off by 50 paisa at Rs20.95 on 38m shares followed by Javed Omer, higher by Rs7.15 at Rs171 on 16m shares and Arif Habib Securities, up by Rs1.55 at Rs180.35 on 14m shares.

Pak PTA, steady by 25 paisa at Rs5.85 also on 14m shares, Netsol Technologies, higher by Rs5.40 at Rs138 on 10m shares, Azgard Nine Textiles, higher by Rs2.40 at Rs50.90 on 8m shares and Telecard, firm by 15 paisa at Rs10.55 on 7m shares.

Other actives were led by Al-Abbas Sugar, firm by 15 paisa on 7m shares, JS Bank, higher by 45 paisa on 7m shares and NIB Bank, lower 20 paisa on 6m shares.

FORWARD COUNTER: National Bank led the list of actives, off Rs2.65 at Rs245.75 on 3m shares followed by Lucky Cement, up by Rs1.40 at Rs124.20 on 2m shares and D.G. Khan Cement, higher by Rs1.20 at Rs103.50 also on 2m shares.