KARACHI, Jan 16: Stocks on Thursday took a technical pause apparently before resuming their onward drive to the next crucial index level of 3,000 points powered by a judicious blend of both foreign and local buying. The index showed a marginal rise of 5.23 points at 2,955.52.

The snap interruption was caused by active unloading of carryover business which though was steadily absorbed but not without some major dents in the career-best levels attained by most of the pivotals during the current run-up.

Attempted mid-session bull rallies failed to push the index above the crucial barrier of 3,000 points as it reacted from 2,990 on massive selling in the leading base shares to hit the day’s lowest of 2,945. The close was up by 5.23 points at 2,955.52.

“I don’t think bulls get tired or don’t have the will to test the 3,000 index level,” one broker says, adding they are just consolidating positions to go beyond this target.

As the prevailing buying euphoria ahead of the expected debut of strong foreign fund buying indicates many recently set up records both in terms of index level and single-session volumes will be battered in the days to come.

“Investors are always on the lookout for the potential safe havens, the recent finds being auto and food shares as the energy shares have already touched the upper limits of the capital gains,” analysts said.

Unilever Pakistan, Nestle MilkPak and Mitchell’s Fruits being the latest targets which rose by Rs2.40 to Rs50.

The record carryover business of about Rs14 billion worried some of the leading investors as 310m shares, notably in Hub-Power, PTCL and some other current favourites needed settlement and that came in the form of profit-selling.

The carryover transactions could take their toll for another sessions or two but there is nothing to suggest that the market’s current run-up is overdone.

“Profit-selling in any form adds to the inherent strength of the market,” analysts said, adding investors build up strong rallies at each fall as it provides them more than manoeuvring leverage.

While jobbers, short-term dealers and day traders continued to liquidate their positions, leading investors and institutional traders mostly played safe, allowing the market to find its logical direction.

Minus signs managed to have a minor edge over the plus ones under the lead of Clariant Pakistan, PSO, Al-Ghazi Tractors, Pakistan Reinsurance Co and Shell Pakistan, which suffered fall ranging from Rs1.95 to Rs11.

Pakistan Refinery, BOC Pakistan, Dawood Hercules and Siemens Pakistan on the other hand maintained their upward drive and rose further by Rs9.50 to Rs15.45, largest rise of Rs50 being in Unilever Pakistan.

Other prominent gainers were led by National Refinery, Attock Refinery, Atlas Honda, Honda Atlas Cars, Indus Motors, Millat Tractors and General Tyre, which rose by Rs3.20 to Rs6.

Trading volume was maintained on the higher side thanks heavy selling in Hub-Power and PTCL at 542m shares as compared to 591m shares a day earlier. Losers topped gainers by 170 to 166, with 43 shares holding on to the last levels.

Sui Northern Gas, however, did not toe the line of the other volume leaders and came in for strong support partly to higher sales and some positive news on its sell-off and rose by Rs1.05 at Rs27.70 on 108m shares.

Hub-Power followed it, off 60 paisa at Rs41.45 on 106m shares, PTCL, easy 65 paisa at Rs25.60 on 51m shares, KESC, up 80 paisa at Rs6.15 on 33m shares and National Bank, lower 10 paisa at Rs30.25 on 31m shares.

Other actives were led by FFC-Jordan Fertiliser, firm by 30 paisa on 29m shares; Dewan Salman, steady 30 paisa on 26m shares; PSO, off Rs2.10 on 19m shares; Fauji Fertiliser, up 45 paisa on 16m shares; and Pakistan Oilfields, higher by Rs1.05 also on 16m shares.

FORWARD COUNTER: Mixed trend was also witnessed on the forward counter where barring Sui Northern Gas, which finished with a fresh gain of Rs1.15 at Rs28.00, on 12m shares, all other major issues fell under the lead of ICI Pakistan, MCB and PSO, falling by Rs1.10 to Rs1.75.