KARACHI, June 25: The overnight recovery was further extended on the share market on Wednesday as follow-up support actively figured on the banking, cement and some blue chip counters at the lower levels amid an actively traded session.

But unlike the overnight bull-run, which caused a galore of upper circuit breakers on all the major liquid counters, there were few upper locks in Wednesday’s trading. However, it did not indicate that the run-up caused by the market support steps is overdone, some analysts believe.

The KSE 100-share index gained another 307.62 points or 2.54 per cent at 12,430.29 aided by fresh sharp rise in the leading base shares under the lead of MCB Bank, National Bank, Engro Chemical and Arif Habib Securities. Its junior partner, 30-share index also recovered another 525.11 points or 3.76 per cent at 14,494.67 points.

“After having fallen from its career-best level of 15,967 points during the last two months sustained bear onslaught, the index has still to go a long way to attain its pre-reaction level,” analysts said. “Whether or not it goes that far now and in the prevailing political uncertainty is anybody’s guess.” But the general perception is that time is not ripe yet for a major breakthrough, some others said. “The euphoria generated by the market stabilisation steps could fade anytime leaving behind again a long list of casualties.”

However, there could be flutters here and there in between for quick gains and portfolio adjustments but many may not put their money in shares for a longer period, they said. “It appears to be a trap to net in the fresh victims,” said a leading analyst jokingly. “No one could justify Tuesday’s record rise of 960 points, only short of 140 points from its base of 1,000 in the index sans manipulators”.

The market will perform credibly on its own inherent strength after the dust raised on the political front owing to the indecisiveness of the new leaders is settled down, he added.

There were no signs of the overnight run-up, which slowed down apparently on fresh thinking on the prevailing depressants though some of the leading shares came in for active follow-up support under the lead of JS & Co and Nestle Pakistan, up by Rs47.15 and 135 followed by Arif Habib Ltd, MCB Bank, Attock Refinery, Treet Corporation, and Sapphire Fibre, higher by Rs21.80 to Rs28.11.

They were followed by Quetta Textiles, Arif Habib Securities, JS Global, Habib Bank, Adamjee Insurance, EFU Life, Engro Chemicals, Abbott Lab, and Dreamworld, which posted fresh gains ranging from Rs11.30 to 16.87.

Siemens Pakistan and Unilever Pakistan fell by Rs10 and 13, respectively. Others fell fractionally barring Attock Petroleum, Atlas Honda, Ferozsons Lab and Shell Pakistan, off by Rs2 to 4.50.

Trading volume rose to 233m shares from the previous 184m shares as gainers held a comfortable lead over the losers at 192 to 110, with 20 shares holding on to the last levels.

The OGDC again topped the list of actives, easy by 55 paisa at Rs128.15 on 18m shares followed by Arif Habib Securities, sharply higher by Rs14.75 at Rs165.75 also on 18m shares, D.G. Khan Cement, up Rs5.38 at Rs67.65 on 15m shares, Lucky Cement, firm by Rs3.72 at Rs100.90 on 12m shares, National Bank, higher by Rs4.15 at Rs152 on 10m shares, Engro Chemical, up by Rs12.93 at Rs286.50 on 8m shares and Pakistan Oilfields, off Rs1.77 at Rs376 on 7m shares.

They were followed by NIB Bank, steady by 51 paisa at Rs11.70 on 14m shares, Bank of Punjab, firm by 19 paisa at Rs32.07 on 8m shares and Nishat Mills, higher by Rs6.23 at Rs88 on 7m shares.

FORWARD COUNTER: Engro Polymer led the list of actives on the cleared list, lower by Rs1.50 at Rs28.54 on 4m shares, followed by MCB Bank, sharply higher by Rs28.24 at Rs310.65 on 3m shares and NIB Bank, steady by 51 paisa at Rs11.90 also on 3m shares.

OGDC followed them, easy 31 paisa at Rs130.19 on 3m shares but its June settlement was off Rs1.10 at Rs128.40 also on 3m shares.

DEFAULTER COS: Trading activity on this counter was relatively slow as a good section of investors remained busy on the ready counter following the lead of big ones. Norrie Textiles came in for active selling and was quoted fractionally lower by one paisa at Rs2.15 on 0.911m shares followed by Zeal-Pak Cement, up eight paisa at Rs2.80 on 0.326m shares, while all others were modestly traded amid slow business.