KARACHI - Bulls made a strong come back at the Karachi Stock Exchange as heavy buying activity was witnessed, while KSE 100-index added 62 points to close at 7,995 points on Tuesday. Unfortunately market was unable to maintain 8,000 psychological mark as index crossed over it during the session and moved down at the end. With limited events in sight and smooth phasing out of the result season, the local equity market performed in a narrow range. Although index did manage a triple digit gain, that was generally attained by gains in MCB and OGDC. The whispers suggested foreign buying in both the index heavy weights while the gains, however, failed to inspire an across the board activity as reflected by low turnover. Off-loading by the locals, however, disallowed the benchmark to sustain triple digit gains, off-loading aggravated further due to midday stagnation, dips in the main board stocks mainly those yet to announce June end results and those which outperformed market expectations, invited cautious accumulation by the local participants who opted for squaring up their positions. The local bourse was positive in the opening, up by 15.49 points and at the end of the day closed at 7,995.10 points with a gain of 62.55 points. Index witnessed intraday high of 8,053.64 points and market failed to maintain the 8,000 psychological barrier on Tuesday. Trading activity was further decreased to 106.865 million shares as compared to last trading sessions turnover of 137.993 million shares. Total trading value of the stock exchange remained Rs 5.476b against last sessions Rs 6.98b. Revision in ratings of NBP, HBL, UBL and MCB to stable by Moodys investor service, revision in Pakistan sovereign debt ratings, rise in local furnace oil prices and most importantly foreign buying played a key role in positive activity at the stock exchange, said market expert Ahsan Mehanti. Market capitalisation stood over Rs 2.354tr as compared to Rs 2.338tr of last session. Of 384 actively traded scrips at the stock market, 165 gained value, 193 lost and the worth of the shares of 26 cos remained unchanged. Once again, DGKC was witnessed as the volume leader of the day with a healthy turnover of 18.840 million shares, followed by Maple Leaf with 8.888m shares, AHSL 6.077m shares, OGDC 5.674m shares, Fauji Cement 4.739m shares, MCB Bank 4.648m shares, Lucky Cement 4.531m shares, NBP 3.861m shares, NML 3.721m shares, PTCL 3.686m shares, Pak Oilfields 3.678m shares namely. Prominent gainers at the KSE include Wyeth Pak, up by Rs41.11/share to close at Rs1,326.11, Nestle Pak added Rs40.57/share, closing at Rs1,140 with the trading of only 10 shares, Unilever Pak gained Rs15/share and closed at Rs2,125, Pak Services up by Rs8.52/share and its total value was improved to Rs179.03, Clariant Pak gained Rs5.75/share to close at Rs120.77. Conversely, Treet Corporation down by Rs29/share to close at Rs561 with the trading of only 2 shares, Siemens Pak Engineering lost Rs28.33/share, closing at Rs1,101.67, Fazal Textile down by Rs22/share and closed at Rs351, Packages Limited down by Rs8.01/share and its value was decreased to Rs152.37, Ferozsons Lab lost Rs7.41/share to close at Rs166.09. Stocks trading at higher multiples have faced local selling that is being absorbed by foreign participants (due to unknown reason) thus disallowing any major impact on the benchmark, while tug of war continued in leading cement stocks due to CCP phobia and unconfirmed news of decline in local cement rates. Dips, however, continued to invite renewed buying interest, said Hasnain Asghar.