KARACHI, Nov 7: Stocks on Friday resisted fresh decline as investors covered positions on selected counters under the lead of energy sector but the future direction of the market is still unclear. The KSE 100-share index was quoted higher by 30.85 points at 3,763.15.

The volume figure fell below the 100m share mark, reflecting that leading bears were not inclined to re-enter the market seeking apparently further higher levels but most of the leading bulls, including some financial traders, were out to line up a big total of their choice scrips, there was no matching selling from any quarter.

The general perception was that bull-run has made its debut and prices are expected to rise from the current lower levels on the strength of short-covering by leading operators and financial institutions.

The market’s stiff resistance to further making down of prices is also evident in a better performance of the KSE 100-share index, which also recovered 30.85 points and was last quoted at 3,763.15 as compared to 3,732.30 a day earlier.

Floor brokers said in general market parlance weekend rally always paved the way for a robust opening next week and if this perception was correct it had already hit the near-term bottom and could rebound on the strength of some positive corporate developments.

“There is no change in most of the basic fundamentals, which continue to be bullish and there is no reason to believe that the market will not respond to its highly-oversold position,” they said.

After having digested the negative fallout of some of the recent central bank’s moves, including the switch over from the badla trading system to bank margin financing in due course, investors seem to have opted to play their normal trading games at the attractively lower levels.

“No one could deny the fact owing to recent massive correction as the index has lost over 700 points and the market capital well over Rs100 billion during the last couple of weeks, investors are now back in the rings to net benefits of an oversold market,” analysts said.

The next session, therefore, could well prove a solid take-off point for the market to rise from the current lower levels alone on technical grounds, they predicted.

But some others said the opening of the OGDC issue for public subscription was due next week and it was feared that some of the investors might indulge in fresh selling to line up funds for it. The general thinking is that it could well prove a high-profile blue chips in the coming weeks. It is being quoted around Rs38 against the official price of Rs32 after having fallen from its peak level of Rs44 owing to the recent correction.

All the sectors participated in the market recovery, blue chips such as PSO, PTCL Hub-Power, Pakistan Oilfields, and some of the second-liners, notably FFC-Jordan Fertilizer, Bosicor, D.G. Khan Cement rose, but Engro Chemical, Sui Northern Gas, and Fuaji Cement fell on renewed selling.

Leading gainers were led by PSO, Clover Pakistan, Zulfiqar Industries, Pakistan Refinery, Burewala Textiles, Clariant Pakistan, Pakistan Paper Products, BOC Pakistan, which rose by Rs3.20 to Rs8, while Unilever Pakistan rose by Rs44. There were some other good gainers also.

Fazal Textiles, Nestle MilkPak, Pakistan Cables, and Island Textiles were leading among the losers, off Rs4.10 to Rs7.40, followed by Glaxo-SKF, 13th ICP, Millat Tractors and Shell Pakistan, which fell by Rs2 to Rs2.10.

Trading volume fell to 98m shares in the absence of leading sellers from 125m shares a day earlier, while gainers held a strong lead over the losers at 146 to 70, with 35 shares holding on to the last levels.

The most active list was topped by D.G. Khan Cement, up Rs1.55 at Rs38.40 on 17m shares followed by FFC-Jordan Fertilizer, higher by 20 paisa at Rs17.70 on 11m shares, PSO, higher by Rs3.50 at Rs246 on 10m shares, PTCL, up 25 paisa at Rs31.90 on 9m shares, Hub-Power, firm by 35 paisa at Rs34.20 on 7m shares.

Bosicor Pakistan, higher by Rs1.50 at Rs19.10 on 4m shares, led the list of other actives, followed by Maple Leaf Cement, up 65 paisa on 4m shares, National Bank, higher by 65 paisa also on 4m shares, Pakistan International Container, up Rs1.50 on 3m shares and Fauji Cement, steady by 20 paisa also on 3m shares.

FORWARD COUNTER: PSO also came in for active short-covering on this counter and rose by Rs3.65 at Rs246.15 on 7m shares followed by PTCL, up 30 paisa at Rs31.90 on 6m shares, Hub-Power, higher 40 paisa at Rs34.20 on 4m shares, FFC-Jordan Fertilizer, higher by 30 paisa at Rs17.75 on 4m shares and Sui Northern Gas, easy