KARACHI, Dec 4: A massive activity of 160m shares in OGDCL on the forward counter featured the Thursday’s trading in an otherwise easy market as leading shares finished with an extended fall. The KSE 100-share index fell by another 16.20 points at 4,250.11.

It was an all-time high turnover recorded in any of the provisionally listed shares so far and reflects investor preference to have it irrespective of the price tag. It rose by another Rs2.30 at Rs50.15 after touching the day’s peak level of Rs51.20.

“The fresh strong rally in it was caused by positive company fundamentals, notably the longer life of oil and gas reserves,” says a leading stock analyst “investors have now understood the dynamics of energy sector.”

The selling on the other counters was well-absorbed both at the dip and the rise as a section of investors did not think that the current run-up is overdone.

“The market is passing through a consolidation phase and bulls are expected to be back after having at their inventories before resorting to year-end buying.

After rising early by 25 points, the KSE 100-share index finally finished with an extended fall of 16.20 points at 4,250.11 as compared to 4,266.31 a day earlier in lower turnover.

It should have suffered a major fall but active buying in the PTCL blunted the bear onslaught at least for the near-term, brokers said.

Large selling in most of the leading shares including PSO, Hub-Power reflects that tactical moves by the big ones are working in line with their perceptions but most analysts think the best is still to come.

Leading stock analysts attributed the reaction to higher carryover rates, which have, during the last couple of sessions, hit the high mark of 19 per cent after remaining in a single-digit for the previous several weeks.

“Higher carryover rates do attract selling from investors as they need money to meet their clearing obligations”, they said “but in a bull market consolidation forces do play a major role”.

A section of leading investors was, however, worried over the developing political situation and talk of a major showdown between the contenders of power on the LFO issue during the coming weeks as it may have negative fallout on the share business.

“The next couple of weeks may be crucial for the direction of the market if the government did not meet MMA demand about the constitutional package on the LFO”, one broker said adding “Whether or not the current peace offensive with India comes to government’s rescue will set its future course”.

All was, however, not bad with the broader market as a number of leading blue chips as well second-liners managed to close with an extended gain, leading among them being Engro Chemical, ICI Pakistan, Nishat Mills posted gains, while PSO, Hub-Power and Fauji Cement suffered fresh pruning.

Minus signs again dominated the list, major losers being Treet Corporation, Unilever Pakistan, Shell Gas, Wyeth Pakistan and Javed Omer, off Rs7 to Rs15 followed by Gatron, Abbott Lab, PSO, International Industries, HinoPak, and some others, which suffered fall ranging from Rs4 to Rs5.

Aventis Pharma and Arif Habib Securities were prominent among the gainers, up by Rs7.85 to Rs18. Others good gainers were led by 9th ICP, EFU Life, Pakistan Refinery, Shakarganj Sugar, Al-Ghazi Tractors, Ghandhara Diesel after the announcement of 25 per cent bonus shares, Pak-Suzuki and Noon Sugar, up by Rs2 to Rs4.

Trading volume fell to 232m shares from the previous 385m shares as losers maintained a fair lead over the gainers at 173 to 113, with 45 shares holding on to the last levels.

PTCL topped the list of most actives, up by 20 paisa at Rs36.15 on 38m shares followed by PSO, off Rs4.45 at Rs288.30 on 26m shares, Hub-Power, easy 30 paisa at Rs38.35 on 25m shares, National Bank, higher by 10 paisa at Rs51.25 on 22m shares and FF Bin Qasim, lower 25 paisa at Rs20.40 on 19m shares.

Other actives were led by D.G.Khan Cement, lower 15 paisa on 18m shares, Fauji Cement, easy 10 paisa on 9m shares, PIAC, off 10 paisa on 7m shares, Nishat Mills, up by Rs.1.70 also on 7m shares and Pakistan Oilfields, off 50 paisa on 6.780m shares.

FORWARD COUNTER: Apart from OGDCL, PSO also came in for active selling and fell by Rs3.05 at Rs290.75 on 11m shares, PTCL, up by 20 paisa at Rs36.40 on 6m shares, FF Bin Qasim, off 40 paisa at Rs20.50 on 5m shares and Hub-Power, lower 20 paisa at Rs38.70 also on 5m shares.