KARACHI, Sept 12: After a higher start, stocks on Thursday finished reacted on late profit-selling in the leading shares but larger decline was resisted thanks to the presence of stray support at the dips. The KSE 100-share index ended lower by 7.28 points at 1,956.78 amid slow trading.

The underlying sentiment remained highly erratic as investors indulged in alternate bouts of buying and selling on small margins apparently anticipating fresh stimulating news on the aid front in the backdrop of President Musharraf’s proposed meeting with President Bush.

However, unlike the president’s previous US visits, the current visit did not generate speculative buying on any of the counters but rather evoked selling for unknown reasons.

The early 15 points run-up of the KSE 100-share index to 1,977.00 has raised hopes that investors are back in the market supporting bull effort to regain the coveted level of 2,000. Late selling not only wiped out most of the initial gains in the pivotals but also allowed the market to finish in the minus column.

“It is unclear whether or not the market needs further correction or the bears are luring weaker links to indulge in hasty selling and then to buy at the lower levels”, one analyst said.

The attempted abortive rallies demonstrate something behind the scene is going on apparently in a bid to paint a perfect buoyant market as a risky one, he added.

“But the problem of higher badla (carryover transactions) volume in most of the active scrips both in the ready and forward counters is there”, he says “it generates fresh selling on the one hand and halts fresh buying on the other”.

After the overnight stray resistance to further marking down of prices, the market again gave in to renewed selling in the leading base shares in the absence of matching buying at the dips.

Millat Tractors and Wyeth Pakistan, which rose by Rs4 to Rs12 were leading among the gainers followed by HinoPak Motors, BOC Pakistan, Shafiq Textiles, which rose by Rs2.25 to Rs3.70. They were followed by First ICP Mutual Fund, Al-Abid Silk, Ismail Industries and Zulfiqar Industries, up Rs1.40 to Rs1.65.

Losers were led by Rafhan Maize, Shell Pakistan, Pakistan Oilfields, PSO, IGI Insurance, International Industries, Unilever Pakistan and Gillette Pakistan, which suffered fall ranging from Rs2.30 to Rs6.90 on active profit-selling.

Trading volume showed a modest rise at 96m shares from the previous 79m shares but losers maintained a modest edge over the gainers at 137 to 126, with 69 shares holding on to the last levels.

Hub-Power again led the list of actives, easy five paisa after early rising to the day’s peak of Rs27.70 at Rs27.40 on 22m shares followed by PSO, off Rs2.30 at Rs194.50 (highest Rs199), on 18m shares, PTCL, lower 10 paisa at Rs19.65 on 17m shares, Adamjee Insurance, up 40 paisa at Rs44.40 on 8m shares, MCB, off 40 paisa at Rs26.05, National Bank, lower five paisa at Rs23.25 (highest Rs23.75) on 2m shares and ICI Pakistan, easy 10 paisa at Rs39.50 also on 2m shares.

Other actives were led by Dewan Salman, up 15 paisa on 5m shares, Southern Electric, higher 40 paisa on 1.224m shares and Telecard, steady by five paisa on 1.186m shares.

CLEARED LIST: Bulk of the activity remained confined to the current favourites notably PSO, which came in for fresh selling and ended lower by Rs2.35 at Rs194.75 on 7.269m shares followed by PTCL, easy 15 paisa at Rs19.70 on 5.251m shares.