KARACHI, June 17: Stocks on Tuesday turned in an improved performance and recouped a good part of the initial losses under the lead of oil sector, but the activity remained terribly insipid in the absence of buyers. The KSE 100-share index was finally up by 54 points after having fallen by 413 points in early trading.

However, the future direction of the market was still unclear despite the fact that the index recovered over 400 points from the early lows and much would depend on resumption of normal activity by the institutional traders, analysts said.

They said abolition of 0.1 per cent stamp duty on shares by the Sindh government, announced in the budget on Monday, was also one of the supporting factors that had triggered buystops on selected counters at lower levels.

The KSE 100-share index was early down by 400 points or 3.5 per cent as foreign float failed to find willing buyers even at lower levels in the backdrop of tensions caused by Afghan President Karzai’s threat of hot pursuit into the Pakistani territory.

However, the situation improved a bit after mid-session as leading oil shares came in for active short-covering followed by reports of record high oil prices near $140 per barrel on world markets.

Finally, the index after hitting the session’s low at 12,031.09 managed to finish with a gain of 53.73 points at 12,497.86 from Monday’s closing of 12,444.13. The KSE 30-share index also recouped 54.93 from the overnight’s record fall of 688 point or 4.5 per cent at 14,607.22.

“I don’t foresee an immediate change in the investors’ buying strategy amid prevailing political and economical situation,” said an analyst.

Investors are finding out new profitable outlets abroad and here, but they could be back if sanity returns to political front, some others said.

Leading gainers were led by Pakistan Engineering and Arif Habib Ltd, up by Rs18 and Rs12.08, followed by PSO, Al-Ghazi Tractors, Habib Bank, Attock Refinery, Pakistan Oilfields, Pakistan Petroleum, Dawood Hercules, Engro Chemical and some others, which posted gains ranging from Rs5.34 to Rs9.60.

Siemens Pakistan and MCB Bank were top losers, off by Rs78.35 and Rs9.68 at Rs1,488.65 and Rs291, respectively. They were followed by Thal Industries, Lucky Cement, Mari Gas, Shell Pakistan, Pak-Suzuki Motors and EFU General Insurance, off by Rs5.27 to Rs9.68.

Trading volume showed a modest rise at 129m shares as compared to 108m shares a day earlier, but losers held a slight edge over the gainers at 139 to 129 with 25 shares holding on to the last levels.

NIB Bank topped the list of actives, easy five paisa at Rs12.35 on 11m shares followed by Lucky Cement, sharply lower by Rs5.27 at Rs100.18 on 8m shares and Arif Habib Securities, up by Rs2.30 at Rs164.80 on 7m shares.

National Bank, steady by 65 paisa at Rs165 also on 7m shares, D.G. Khan Cement, off Rs1.88 at Rs68.80 on 5m shares and OGDC, up by Rs1.50 at Rs126.50 also on 5m shares.

Engro Chemical, sharply higher by Rs9.10 at Rs297.90 on 4m shares, Bank Alfalah, lower Rs1.01 at Rs43.99 also on 4m shares and Nishat Mills, lower by 33 paisa at Rs91.25 on 4m shares.

FORWARD COUNTER: National Bank came in for renewed selling on the cleared list, off Rs6.25 at Rs160 on 5m shares followed by Engro Chemical, higher by Rs9.23 at Rs298.60 also on 5m shares, and MCB Bank, lower by Rs6.73 at Rs293 on 4m shares.

Engro Polymer followed them, off Rs1.48 at Rs35.10 on 4m shares and Arif Habib Securities, up by Rs2.05 at Rs166 on 3m shares.

DEFAULTER COMPANIES: Norrie Textiles came in for active short-covering at the lower levels, steady by five paisa at Rs2.25 on 0.872m shares followed by Zeal Pak Cement, lower by six paisa at Rs2.84 on 0.403m shares and Unity Modaraba, easy by two paisa at Rs1.02 on 0.283m shares.

Japan Power followed them, easy by 10 paisa at Rs6.20 on 0.187m shares and Nazir Cotton fell by one paisa at Rs1.62 on 0.141m shares.