KARACHI, Jan 6: Stocks on Friday suffered a mild reaction on weekend selling on the blue chips counters but underlying sentiment remained uppishly inclined owing to fresh heavy buying in bank shares.

After early rising to 9,951.43, the KSE 100-share index finally finished with a modest fall of 20.84 points at 9,886.30, as leading base shares fell under the lead of PTCL and OGDC and other oil shares.

However, as widely speculated, the index failed to hit its target of 10,000 points as weekend selling allowed it to finish with clipped gains but future outlook appears to be terribly bullish as selling was absorbed at the decline.

Analysts said investors and leading punters played safe in view of the long weekend because of Eid holidays and instead of going for fresh commitments decided to shed their extra weight on some overvalued counters.

But some others said that the market was in a highly overbought position and most of the leading base shares needed correction to resume upward march to the index level of 10,000 points.

Reports that the management of the PTCL would be handed over to Estisalat by the next month could prove the much needed boost to the index during the post-Eid sessions. Already, PTCL share value was on its upward march ruling around Rs66 per share.

“The share of PTCL could show a progressive rise in the sessions to come being one of the leading base shares after OGDC”, analyst said, adding “the news of management transfer could give the needed push to its share value leading to the perception of a smooth but delayed completion of the transaction”.

But bank, cement, auto, chemical and fertilizer shares are to play a pivotal role to boost the index as hopes of higher dividend and bonus shares from the bank will not allow investors to sit on the sidelines despite being massively overloaded with existing share inventories.

Although minus signs forced a modest edge over the plus ones, leading shares rose further under the lead of Arif Habib Securities, Millat Tractors, Pak-Suzuki Motors, Gillette Pakistan, Treet Corporation and Unilever Pakistan, which posted gains ranging from Rs11 to Rs48.

Other good gainers included MCB, National Bank, Fazal Textiles, National Refinery and HinoPak Motors, up by Rs6 to Rs8.

Losers were led by EFU General, Pakistan Oilfields, Attock Refinery, Indus Dyeing and Attock Petroleum, PSO, off Rs4.00 to Rs17.30. Others fell modestly under the lead of BOC Pakistan, Noon Sugar and Pakistan Petroleum, off Rs2 to Rs3.35.

Trading volume fell to 383m shares from the previous 400m shares as losers held a modest lead over the gainers at 188 to 144, with 36 shares holding on to the last levels.

National Bank topped the list of most actives, higher by Rs6.55 at Rs216.75 on 61m shares followed by PTCL, off Rs1.15 at Rs66 on 47m shares, MCB, higher by Rs6.05 at Rs186 on 42m shares, Fauji Fertilizer Bin Qasim, easy five paisa at Rs39.70 on 36m shares and OGDC, lower 15 paisa at Rs120.60 on 31m shares.

Other actives were led by D.G.Khan Cement, off Rs1.60 on 18m shares followed by Lucky Cement, lower Rs1.20 on 16m shares, Nishat Mills, firm by 20 paisa on 13m shares, Bank of Punjab, easy 40 paisa on 11m shares and Callmate Telips, higher by Rs4.20 on 6m shares.

FORWARD COUNTER: National Bank led the list of actives, sharply higher by Rs6.70 at Rs218.40 on 17m shares, MCB, up by Rs5.25 at Rs186.50 on 1m shares and PTCL, off Rs1.25, at Rs66.45 on 14m shares.