KARACHI, June 22: Stocks on Tuesday maintained a bearish outlook, but stray flutters here and there signalled that selling offers are drying up and return of the bull market is not that far off, analysts said.

This perception was reinforced by the fact that most of the price changes were fractional thanks to presence of strong buying support at the dips, they added. Bulls are already back in the market but their strong presence is linked to the rumoured amendments in some of the fiscal steps in the budget, including capital value tax.

The market's volatile performance is well-reflected in the KSE 100-share index, which initially rose by 30 points at 5,133, but late selling again pushed it down by 23.43 points to close at 5,080.24. The day's lowest was 5,055.18.

Although leading base shares, notably OGDCL, PTCL and some others managed to finish partially recovered, the broader market stayed weak in the absence of strong covering purchases from any quarter.

While OGDCL, PTCL, D.G. Khan Cement, National Bank, Lucky Cement and many others managed to finish well above their levels, the market lacked aggressiveness associated with a technical rebound.

Analysts said brokers were awaiting the final official word on the amended CVT before resuming normal trading operations, but one thing appeared certain that the current correction was overdone.

"The end of the current fiscal year is just a week away and in between many pleasant surprises could spring," they predict. "The important thing is that leading financial institutions and brokerage houses are yet to make their year-end portfolio adjustments."

Political uncertainty is there but basic market fundamentals are strong and it appears pretty difficult for bears to stay in the market for longer period and some of them are already on their way-out.

"Post-budget rally delayed by the mess on the CVT is yet to manifest itself and leading bulls are eyeing it on the strength of investment-friendly budget and an attractive bait of lower rates," says a leading broker.

It was perhaps in this background that losers maintained a strong lead over the gainers, a good number of leading shares managed to finish with good gains under the lead of Bannu Woollen, BOC Pakistan, Bhanero Textiles, Siemens Pakistan, Unilever Pakistan, Treet Corporation and Wyeth Pakistan, which posted gains ranging from Rs2.70 to Rs10, the largest rise of Rs19.00 and Rs20.00 being in Treet Corporation and Wyeth Pakistan, both facing shortage of floating stock.

Losers were led by Pakistan Services, International Industries, IGI Insurance, Arif Habib Securities, Al-Ghazi Tractors, Nestle MilkPak and Javed Omer, off Rs6.25 to Rs27.80. They were followed by Noon Sugar, Lakson Tobacco, HinoPak Motors, Aventis, Clariant Pakistan, off Rs4 to Rs5.

Trading volume was main tained at the overnight level of 252m shares, but losers maintained a strong lead over the gainers at 245 to 96, with 34 shares holding on to the last levels.

OGDCL again led the list of actives, up 35 paisa at Rs62.05 on 26m shares, followed by D.G. Khan Cement, up Rs1.05 at Rs55.70 on 25m shares, National Bank, higher 85 paisa at Rs62.60 on 21m shares, Lucky Cement, up Rs1.70 at Rs36.65 on 19m shares, Fauji Cement, lower 45 paisa at Rs15.60 on 17m shares and PTCL, firm 10 paisa at Rs41.10 on 12m shares.

Other actives included Maple Leaf Cement, steady by 30 paisa on 10m shares, Bank of Punjab, up 25 paisa on 9m shares, Sui Northern Gas, off Rs1.05 on 8m shares and PIAC, easy 80 paisa on 7m shares.

FORWARD COUNTER: Bank Alfalah came in for active selling and fell by Rs2.95 at Rs56.25 on 8m shares followed by F.F. Bin Qasim Fertilizer, easy, 60 paisa at Rs17.90 on 3m shares, OGDCL, lower 15 paisa at Rs62.30 also on 3m shares, PSO, off 95 paisa at Rs250.75 on 3m shares and PTCL, unchanged at Rs41.15 on 2m shares.