KARACHI, June 28: Stocks on Friday closed the year-end account on a relatively improved note but there were no signs of strong institutional or general short-covering on any of the counters as was reflected by a further decline in the turnover figure.

After re-opening on an easy note, the KSE 100-share index managed to finish with a modest rise of 2.77 points at 1,770.12 as compared to 1,767.35 a day earlier. The notable feature was that both the heavyweights, PTCL and Hub-Power, having 45 per cent weightage in it fell, while rise was boosted by other base shares under the lead of PSO and ICI Pakistan.

In normal trading conditions, both the volume leaders set the trend for the index to follow, but they have been stripped of this role though temporarily.

Although the year-end rally was too feeble to set the market on the right path when the new account buying resumes, indications are that it will leave far behind the lean period witnessed at the fag-end of the fiscal.

But some analysts said the sailing in the new trading year may not be that smooth, as there are many irritants, some of them fraught with high risks which could work against the sentiment.

“Those who will go along the basic fundamentals may be the ultimate gainers despite risks involved owing to law and order situation and investor worries over the political scenario,” they added.

The incentives in the new budget given to the capital markets may guide the future stock trading if all goes well with the external factors including the border standoff, some brokers said.

The fact that the KSE 100-share index showed a measure of strength during the post-budget sessions despite some bad news, indicates that the consolidation forces may have the veto to guide the market trend, they added.

Textile, investment, chemical and most of the energy shares are bound to respond to fiscal incentives in the new budget and that could be a turning point in the market psychology, they said.

After several lean sessions, plus signs managed to force a slight edge over the losers at 121 to 118, with 58 shares holding on the last levels.

Prominent gainers were led by Lever Brothers and Attock Refinery, up by Rs.4.10 and 24, followed by KASB & Co, Orix Leasing, Alico, Sally Textiles, Sapphire Fibre, Attock Cement, Gillette Pakistan, Tri-Pack films, Honda Atlas, Packages and Glaxo-Wellcome Pakistan, up by Rs.1.40 to Rs.3.

While prominent losers included Fazal Cloth Mills, Fauji Fertilizer and Wyeth Pakistan, off one rupee and 7.25 respectively.

Trading volume, however, remained light at 40m shares as leading shares lacked normal year-end buying.

Hub-Power led the list of actives, easy five paisa at Rs.23.20 on 11m shares, followed by PTCL, lower 10 paisa at Rs.17.15 on 5m shares, MCB, steady by 15 paisa at Rs.29.10 also on 5m shares, PSO, up 20 paisa at Rs.140 on 4m shares and National Bank, unchanged at the Rs.20.55 on 3m shares.

Other actives included Telecard, firm by 10 paisa on 2m shares, D.G. Khan Cement, lower 10 paisa on 1.024m shares, Sui Northern, steady by five paisa on 0.991m shares, Engro Chemical, off 75 paisa on 0.956m shares and Adamjee Insurance, lower 25 paisa on 0.771m shares.

FUTURE CONTRACTS: Easier conditions prevailed on the forward counter as speculative issues did not respond to steady trend in the ready section owing to renewed selling. The decline was, however, fractional barring Engro Chemical, which came in for renewed selling.