KARACHI, June 24: The KSE 100-share index on Tuesday set a new single-session high record as it recovered 960.50 points or 8.60 per cent at 12,122.67 boosted by market stabilisation steps, notably an increase in the upper circuit breaker to 10 per cent, taken jointly by the KSE and Security Exchange Commission to put the bourse back on the rails.

Many, however, still doubt market’s ability to sustain an apparent inspired run-up, said a leading stock broker adding, “There is no change in the political scenario, the chief deterrent behind the market crash, and erosion of billion of rupees. The light volume tells the tragic side of the episode.” But some others said the market has shown its tremendous potential to rise from the lows in response to positive news and corrective steps irrespective of the political tensions and uncertainty as was reflected in response to increase in upper circuit breakers to 10 per cent. The recovery of Rs285 billion in the market capital at Rs3,731 billion points to the inherent strength of the market.

Never before in the history of the KSE the index has shown such an unprecedented recovery in a single session, they said adding the current record may not be easily bettered in the years to come.

The previous single-session high record was set at 643.04 points at 13,996.42 on Jan 3, 2008 after the postponement of national elections after Benazir Bhutto’s murder.

The KSE 30-share index also set a new all-time high record at 13,969.56, up 1,219.28 points or 9.56 per cent, reflecting the strength of leading base shares. But some analysts ask the wisdom behind the belated intervention after much water had already flown under the bridge and the small investor has virtually lost all of his savings invested in the share business.

The rally was, however, broad-based and was not confined to leading base shares, but there was a galore of upper locks, notably MCB Bank, Pakistan Oilfields, OGDC, Engro Chemical, which recovered previous losses and contributed more than a half to the total rise in the index, said a leading broker.

Under the market stabilisation measures, among others, lower and upper circuit breakers now will be applicable at price variation of one and 10 per cent, respectively, from the previous close and a total ban on short-selling, they said.

During the post-budget sessions the market had progressively fallen by 5,000 points on foreign and local selling and needed technical correction but in the absence of buying support from any quarter, fall was not arrested.

Nestle Pakistan and Wyeth Pakistan were among the top gainers, up by Rs103.50 and 193.90, Arif Habib Ltd, JS Global, MCB Bank, Adamjee Insurance, EFU General and Life, Fazal Textiles, Attock Petroleum, Shell Pakistan, PSO, Mari Gas, Pakistan Oilfields, Pakistan Petroleum, Engro Chemical Packages, JS & Co, and Bata Pakistan, which were quoted higher by Rs20.99 to 63.

Losers were led by Colgate Pakistan and Siemens Pakistan, off by Rs6.03 and 10. Others fell fractionally.

Trading volume rose to 184m shares from the previous 155m shares as losers forced a strong lead over the gainers at 299 to 27, with 14 shares holding on to the last levels.OGDC topped the list of actives, up by Rs11.70 at Rs128.70 on 17m shares followed by Lucky Cement, higher by Rs8.83 at Rs97.18 on 6m shares, PTCL, up Rs3.61 at Rs39.71 also on 6m shares, Pakistan Oilfields sharply higher by Rs34.34 at Rs377.77 on 6m shares, MCB Bank, up by Rs25.55 at Rs281.10 on 5m shares and Engro Chemical, higher by Rs24.87 at Rs273.57 also on 5m shares.

Other actives were led by D. G. Khan Cement, higher by Rs5.66 at Rs62.27 on 9m shares followed by Hub-Power, up Rs1.64 at Rs29.69 on 7m shares, and NIB Bank, firm by Rs1.01 at Rs11.19 on 6m shares.

FORWARD COUNTER: MCB Bank led the list of actives on the cleared list, sharply higher by Rs25.67 at Rs282.41 on 3m shares, OGDC, up Rs11.50 at Rs129.50 also on 3m shares, followed by its July contract, up by Rs11.90 at Rs131.50 on 2m shares, JS & Co, higher by Rs43.12 at Rs474.39 on 2m shares and Attock Refinery, higher by Rs21.35 at Rs234.89 on 2m shares.