KARACHI, Jan 13: The KSE 100-share index on Tuesday consolidated above the resistance level of well above 6,000 points boosted by active short-covering in the leading oil shares and blue chips but the broader market stayed weak.

It finally ended with a modest recovery of 17.65 points at 6,059.09, while the KSE 30-share and all shares indexes rose by 71.80 and 5.48 at 5,810.81 and 4,515.80, respectively, reflecting the strength of some leading base shares. KMI-30 shares showed a bigger rise of 135.86 points at 7,548.38.

Active fresh covering purchases in OGDC, Pakistan Petroleum, Attock Petroleum, PTCL and some other base shares was well-reflected in the recovery of the index.

Analysts said investors appear to be still in two minds about the direction of the market and are mostly playing safe apparently awaiting the strong presence of institutional support.

But the weakness of the broader market reflects there are still more sellers than the buyers despite analyst predictions of handsome capital gains and until all join hand to put the market back on the rails the trading may remain choppy, they said.

“Opinions are divided over the advent of fund buying,” said a leading broker. “It may be eyeing some safe havens at the current lows but the impact of its presence is not visible.”

He said the market needs a trend-setter in the backdrop of political turmoil as warranted by the bottom rates but no one is inclined to go beyond some protected areas.

“Who will bell the cat,” is the question being debated. “The exit of the foreign investors after having sold their long positions at a discount of about 30 per cent during the last couple of months, only institutional traders could do the needful,” analysts said.

As far as the foreign investors are concerned they will think twice to re-enter the market even at the bottom rates, they added.

Leading losers were again led by insurance sector selling prompted by higher claims, leading losers among them being Adamjee Insurance, IGI, EFU General and EFU Life, off by Rs4.04 to 16.09.

Pakistan Tobacco, Millat Tractors, Dawood Hercules, Sitara Chemical, Clover Pakistan, PECO, Al-Ghazi Tractors followed them, falling by Rs4.56 to 10, largest fall of Rs12.63 again being in Shell Pakistan.

Gainers were led by National Bank, National Refinery, Fauji fertiliser, Packages, Engro Chemical, Pakistan Petroleum and Attock Petroleum, which posted gains ranging from Rs3.04 to 8.74.

Trading volume showed a modest rise at 165m shares from the previous ones, but losers held a strong lead over the gainers at 147 to 100, with 10 shares holding on to the last levels.

The most active list was topped by WorldCall Telecom, higher by 56 paisa at Rs4.32 on 27m shares followed by OGDC, up by 79 paisa at Rs53.28 on 13m shares, TRG Pakistan, steady 25 paisa at Rs2.76 on 9m shares, PTCL, higher by 40 paisa at Rs16.50 on 7m shares, PACE Pakistan, firm by 32 paisa at Rs9.47 also on 7m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, lower 90 paisa at Rs15 on 6m shares, NIB Bank, steady by five paisa at Rs5.77 on 5m shares, Habib Bank, off Rs3.52 at Rs71.72 also on 5m shares and BankIslami, easy by 27 paisa at Rs7.01 on 4m shares.FORWARD COUNTER: Speculative issues on the forward counter remained under pressure in the absence of buying support and fell further when changed under the lead of Arif Habib Securities, off Rs4.11 at Rs77.60 followed by ICI Pakistan, easy by Rs2.20 at Rs59.94 but without any transaction even at the falling prices. Others also fell modestly when changed.

DEFAULTER COS: Active trading was witnessed on this counter as some shares came in for active covering purchases under the lead of Zeal-Pak Cement, steady by four paisa at Rs0.65 on 7.983m shares followed by Unity Modaraba, up nine paisa at Rs0.35 on 0.173m shares and Japan Power, firm by four paisa at Rs1.84 on 0.04m shares.

S. S. Oils, Quice Foods and Taj Textiles also came in for modest support and rose by 22 to 40 paisa on light trading.