KARACHI, June 30: Stocks on Thursday failed to sustain the last two sessions run-up and ended on an easy note as investors generally played safe apparently awaiting some official word on the widely circulated rumour of extension in cut-off date of badla financing beyond Aug 26.

Most of the price changes were, however, fractional and larger decline was averted thanks to the presence of buying at the dips on selected counters.

After rising well over 200 points on buying spurred by this rumour during the last two sessions, the KSE 100-share index failed to sustain the run-up and ended lower by 44.63 points at 7,450.12 as compared to 7,494.75 a day earlier as leading base shares came in for active profit-selling.

PTCL led the market decline despite reports that Etisalat has deposited 10 per cent of the total sale proceeds of $2.59bn as a first instalment and the balance will be paid within the next 60 days, allaying fears of its back out as the rumours have it.

The selling in part was also attributed to failure of the market to respond positively to a loud whispering that the badla and margin financing will go together until the end of the current calendar year.

“The rumour was spread by those who want to be bailed out from some awkward positions on selected counters”, one analyst said “it did work as prices rose during the last two sessions and they were out of high risk areas”.

All the leading shares, which have put the market back on the rails including PTCL, OGDC, National Bank and Pakistan Petroleum, came in for active profit-selling and ended lower.

Official statement that repair work on optic fibre linking internet services with the other countries would be completed during the next three or four days also worked against the underlying sentiment in the absence of foreign orders, analysts said.

Already internet services are badly affected with some of the leading Gulf countries, notably Dubai and that have their toll in the form of missing communication links, they said.

Leading gainers were led by Clariant Pakistan and Mari Gas, up by Rs5.90 and Rs9.25 respectively, Imrooz Modaraba, Pakistan Hotels, Sitara Chemicals, Pakistan Services, Pakistan Engineering, and Shell Pakistan, which posted gains ranging from Rs2.90 to Rs5.

Prominent losers included Rafhan Maize and Wyeth Pakistan, off Rs33.25 and Rs46.95 respectively owing to the shortage of floating stock. Others which fell sharply included Arif Habib Securities, Berger Paints, Haroon Oils, Mehmood Textiles, National Refinery, Ferozsons Lab, Dawood Hercules, IGI Insurance, Al-Ghazi Tractors, EFU Life and Artistic Denim, off Rs4 to Rs9.75.

Trading volume fell to 230m shares from the previous 279m shares as losers held a modest lead over the gainers at 154 to 131, with 30 shares holding on to the last levels.

PTCL was again actively traded, off 80 paisa at Rs65.95 on 62m shares followed by OGDC lower Rs1.05 at Rs105.30 on 43m shares, National Bank, easy 50 paisa at Rs107.95 on 26m shares, PSO, up by 60 paisa at Rs386 on 16m shares, Fauji Fertilizer Bin Qasim, higher by 25 paisa at Rs26.90 on 9 million shares, MCB, up by Rs1.15 at Rs79.30 also on 9m shares, and Pakistan Petroleum, off Rs1.05 at Rs215.10 on 7m shares.

Other actives were led by PICIC Growth Fund, steady by five paisa at Rs53.70 on 5 millionshares, Bank of Punjab, firm by 15 paisa on 9m shares and Pakistan International Container Terminal, up by Rs1.20 on 5m shares.

FORWARD COUNTER: PTCL again led the list of actives, off 90 paisa at Rs66.70 on 27m shares, followed by OGDC, lower Rs1.05 at Rs107.15 on 11m shares and Pakistan Petroleum, lower Rs2.75 at Rs218.05 on 9m shares.