KARACHI, Oct 25: Stocks on Tuesday failed to extend the previous run-up as leading shares again ran into profit-selling at the higher levels and finished reacted amid active trading.

The opening was on the higher side as the KSE 100-share index earlier touched the day’s peak level of 8,487.66 but late-selling pushed it to finish in the minus column.

It, therefore, shed a good part of the overnight gains and was marked down by 92.49 points at 8,316.67 as compared to 8,409.16 points a day earlier. It touched the lowest at 8,210.15 and the highest at 8,487.66, showing an erratic movement of 277.51 points and its unsettled future outlook.

The same set of market trend-setters, including PTCL, National Bank, Pakistan Petroleum, OGDC and some others attracted selling at the inflated levels pushing the index again lower most of them ended on their lower limits. But D.G. Khan Cement, MCB and PSO managed to finish with fresh gains.

Leading brokers have been predicting a robust rally aided by higher corporate earnings as board meetings of half a dozen leading companies are due during the current week but the snap reaction surprised them.

The board meetings of Sui Southern Gas and Unilever Pakistan are due on Oct 26, while that of PTCL, Pakistan Petroleum, OGDC and D.G. Khan Cement on Oct 27, and they hoped positive results could put the market back on the rails even tomorrow.

Analysts’ perception about their corporate earnings is on the positive side and could provide the needed push to the market but some negative external factors will continue to take their toll in the form of selling.

But all eyes seem to be focused on the PTCL deal in the backdrop of lower forecast of after tax profit of around Rs6.5 billion as compared to previous Rs6.28 billion.

“PTCL is expected to show rising trend in profits in the coming quarters but rising operating costs may keep a check on profitability”, brokers said.

However, the doubts about the PTCL sell-off deal appear to be the major market irritant and that is why leading investors are playing on both sides of the fence, they said.

Shell Pakistan and Rafhan Maize were leading among the gainers, up by Rs27.10 and Rs31.05, followed by United Sugar followed by reports that the management of JWD Sugar Mills has acquired its majority shares at the rate of Rs333.33 per share, Colgate Pakistan, PSO, Shell Pakistan, Attock Petroleum, which posted gains ranging from Rs9.25 to Rs27.10. Millat Tractors, Suzuki Motors, Thal, Mustehkam Cement and some others also rose by Rs5 to Rs5.80.

Losers were led by Siemens Pakistan and Wyeth Pakistan, off Rs10 and Rs29, respectively. Other notable losers included Bank of Punjab, Askari Bank, National Bank, Pakistan Oilfields, AKD Securities, Pakistan Oilfields and National Refinery, off Rs5 to Rs10.

Trading volume rose further to 289m shares from the previous 240m shares as losers held a strong lead over the gainers at 166 to 111, with 32 shares holding on to the last levels.

PTCL topped the list of actives, lower 25 paisa at Rs63.10 on 33m shares followed by D.G.Khan Cement, sharply higher by Rs3.30 at Rs92 on 31m shares, MCB, up by Rs2.55 at Rs145.35 on 30m shares, Bank of Punjab, off Rs5 at Rs95 on 25m shares, National Bank, lower Rs7.15 at Rs146.25 on 22m shares, Pakistan Petroleum, lower by Rs2.05 at Rs197.10 on 16m shares and PSO, up by Rs11.35 at Rs413.55 on 15m shares.

Other actives were led by Lucky Cement, higher by Rs3.40 on 20m shares, Fauji Cement, easy five paisa also on 20m shares and OGDC, off Rs2.70 on 12m shares.

FORWARD COUNTER: In sympathy with its counterpart in the ready section, D.G. Khan was also actively traded on the cleared list ahead of its board meeting, up by Rs3.03 at Rs91.80 on 14m shares, followed by Pakistan Petroleum, off Rs1.96 at Rs197.98 on 12m shares and MCB, higher by Rs1.68 at Rs145 on 8m shares. But National Bank on the other hand came in for fresh selling, off Rs7.73 at Rs146.88 on 7m shares, PSO, higher by Rs8.65 at Rs413.95 on 7m shares and some others also posted good gains amid light turnover.