KARACHI, Feb 26: The Karachi Stock Exchange (KSE) 100-share index on Tuesday recovered the last two sessions’ fall and was quoted higher by 109 points, slightly above the barrier of 15,000 points on the strength of leading base shares, but the broader market stayed weak.

It moved on either side of the fence throughout the session as investors could not precisely decide whether or not to go for long-term buying in the backdrop of conflicting reports about the new political setup.

Unlike the previous sessions, price changes were orderly without flare-ups or upper locks as investors did not go beyond their daily price limits owing to some political constraints, floor brokers said.

It was, however, not the Monday’s repeat performance as KSE 100-share index crossed the barrier of 15,000 after moving both ways and managed to sustain it despite late selling. Final close was around slightly above the barrier at 15,056.12, up 108.58 points, which incidentally was close to session’s high.

The level is terribly vulnerable and indicates that investors are unsure about positive developments on the political front despite the fact that people have spoken the truth.

The free-float 30 share index on the other hand maintained its upward drive and posted a fresh sharp rise of 20.911 points at 18,623.46 points.

“The market remained unsettled, followed by conflicting statements by the would-be coalition partners about the future role of the president,” said a leading analyst, adding “fears that the coalition partners may not agree on certain conditions led to high volatility.”

But some independent observers of the situation think everyone would perhaps toe the US line being aired by various sources after the dust settles down on the political front.

However, the dividend related alternate bouts of buying and selling figured prominently on those counters where announcements were already made or corporate results are due.

How the market will react to Wednesday’s board meetings of two major companies, PTCL and OGDC and Friday’s National Bank meeting along with some positive developments on the political front, will set the future market direction, said a floor broker.

Unilever Pakistan Foods and AKD Capital were among the top gainers, up by Rs76.55 and Rs44, followed by Mari Gas, East West Insurance, Dawood Hercules, Central Insurance, Tri-Pack Films, EFU General, Engro Chemical and PSO, which posted gains, ranging from Rs5.70 to Rs17.40.

Siemen’s Pakistan led the losers, off by Rs65.50 and Rs14.90, respectively. Other prominent losers included Hino Pak, Thal Ltd, IGI Insurance, Fateh Textiles, Sazgar Engineering, Bata Pakistan, Zulfiqar Industries, Shell Gas and BOC Pakistan, off Rs5 to Rs14.90.

Trading volume showed a fresh modest fall at 267m shares from the previous 273m shares as losers again held modest lead over the gainers at 166 to 158, with 44 shares holding on to the last levels.

D G Khan Cement led the list of actives on reports of higher earnings and was quoted higher by Rs3.45 at Rs112.20 on 8m shares, followed by Lucky Cement on reports of its GDR issue, higher Rs3.70 at Rs131.45 on 25m shares, Nishat Mills, firm by Rs5.45 at Rs114.95 on reports of higher dividend, Fauji Fertiliser Bin Qasim, up Rs1.35 at Rs43.75 on 11m shares, National Bank, steady by 90 paisa at Rs268.90 on 10m shares, Arif Habib Securities, higher by Rs1.60 at Rs183.45 also on 10m shares and OGDC, up 75 paisa at Rs130 on 9m shares.

Bank of Punjab followed them, lower by 10 paisa at Rs104 on 9m shares, but on the other hand Engro Chemical came in for strong support and rose by Rs14.60 at Rs307.35 on 9m shares and Nimir Chemicals, firm by 25 paisa at Rs6.15 on 7m shares.

FORWARD COUNTER: D G Khan Cement also led the list on the forward counter, up by Rs3.45 at Rs112.20 on 8m shares, followed by its March settlement, higher by Rs3.55 at Rs112.85 on 6m shares, Lucky Cement, higher by Rs4.35 at Rs132 on 5m shares and its March delivery, up by Rs4.15 at Rs132.40 on 4m shares.