KARACHI, Aug 19: Stocks came in for an active follow-up support on selected counters on Tuesday but late profit-selling allowed them to close with clipped gains amid fears about the smooth functioning of the coalition as leading partners differ on some other crucial issues.

The Karachi Stock Exchange (KSE) 100-share index ended with a clipped gain of 200 points at 10,919.06.

The post-Musharraf buying euphoria was, however, maintained though on a slow pitch as investors continued to build-up long positions on oil and banking sectors on the perception of political stability in future and the relative strength of the rupee against the US dollar.

The immediate positive reaction to the president’s exit may well be had from the fact that sanity prevailed on the financial and the stock markets and a sizable section of investors was back and resumed normal trading activity.

“The strong recovery in the value of the rupee may prove short-lived,” said a leading analyst, adding: “the massive fiscal deficit can again erode its value.”

Instances of foreign buying on selected oil and banking counters were not wanting as was reflected in an increase in the SCRA balances but some analysts said the current rescue operation is essentially based on local equity market support fund managed by the NIT and some leading punters.

After breaching through the barrier of 11,000 points at 11,054.65, the KSE 100-share index later reacted to close with a clipped gain of 199.44 points or 1.86 per cent at 10,919.06.

The leading base shares, notably OGDC, MCB Bank, National Bank, Pakistan Petroleum and Pakistan Oilfields again came in for strong support and rose sharply higher.

A section of leading analysts still doubt about the smooth working of the coalition government as leading among them have different views on another crucial issue after the exit of president Musharraf, the restoration of the sacked judges.

But some others hope their future actions would be based on the wisdom as any other adventure would hurt the already weak economy beyond corrective steps.

Shell Pakistan again dominated the trading, up by another Rs22.11 for the third straight session followed by JS & Co, higher by Rs18.70.

Other leading gainers were led by Adamjee Insurance, MCB Bank, JS Global, EFU Life, Attock Petroleum, PSO, HinoPak Motors, Engro Chemical and Unilever Pakistan, up by Rs10.21 to Rs18.

Pakistan Engineering and Lakson Tobacco were off by Rs19.80 and Rs18.43, respectively, followed by Habib Bank, Javedan Cement, Mitchell’s Fruits, Murree Brewery, New Jubilee Insurance and Sapphire Fibres, up by Rs4.26 to Rs11.99.

Trading volume rose further to 211m shares from the previous 159m shares as gainers held a lead over losers at 165 to 138, with 12 shares holding on to the last levels.

OGDC topped the list of actives, higher by Rs4.77 at Rs123.45 on 22m shares followed by National Bank, firm by Rs1.97 at Rs126.50 on 18m shares, Arif Habib Securities, higher by Rs4.33 at Rs126.70 on 11m shares, Bank Al Falah, lower by 65 paisa at Rs40.65 on 6m shares, Pakistan Petroleum, up Rs5.37 at Rs237 on 6m shares Pakistan Oilfields, higher by Rs14.12 at Rs296.69 on 5m shares and Lucky Cement, firm by Rs2.04 at Rs75.80 also on 5m shares.

Other actives were led by Zeal Pak Cement, easy by 53 paisa at Rs1.56 on 22m shares, followed by NIB Bank, up 20 paisa at Rs10.44 on 16m shares and TRG Pakistan, lower by 18 paisa at Rs4.87 on 5m shares.

FORWARD COUNTER: OGDC led the list of actives on this counter, up by Rs4.59 at Rs12.45 on 4m shares, followed by National Bank, higher by Rs1.80 at Rs126.75 also on 3m shares NIB Bank, steady by 28 paisa at Rs10.52 on 3m shares.

MCB Bank followed them, sharply higher by Rs14.87 at Rs316.90 on 2m shares and Arif Habib Securities, Rs4.41 at Rs127.01 also on 2m shares.

DEFAULTER COs: Norrie Textiles came in for active selling at the overnight higher levels and was marked down by 10 paisa at Rs1.75 on 1.221m shares followed by Japan Power, off one rupee at Rs5.95 on 0.335m shares. Others were traded modestly amid two-way price movements.

DIVIDEND: Indus Motors, final cash 65 per cent, interim 40 per cent already paid, Shabbir Tiles, cash 20 per cent, bonus share of an identical amount, JS Global, cash final 50 per cent, bonus shares 39.999 per cent, JS & Co, interim, bonus shares, 243.778 per cent, Atlas Fund of Funds, 7.5 per cent, Pakistan International Containers Terminal, cash 30 per cent on ordinary shares and 10 per cent on preference shares and Javedan Cement nil.