KARACHI, Feb 24: Stocks on Friday ran into weekend profit-selling and mostly finished reacted under the lead of overvalued shares, notably on the oil counter but larger decline was resisted owing to presence of support at the dips on selected blue chips.

The KSE 100-share index suffered a fall of 62.58 points at 11,546.79 points as compared to 11,609.37 a day earlier as leading base shares fell under the lead of OGDC and PTCL.

The day’s highlight was provided by heavy buying in National Bank, which consolidated its position well over the benchmark of Rs300 at Rs307.60, after at one stage having touched the peak of Rs309.30.

Dividend news both from the MCB and the Bank of Punjab were on the higher side of the analysts’ predictions but they failed to avert the weekend sell-off.

While MCB announced final dividend of 10 per cent and bonus shares at the rate of 20 per cent and EPS at Rs28.87, Bank of Punjab came out with bonus shares of 22 per cent. But share values of the both finished reacted on post-dividend selling, brokers said.

Interim dividend news from half a dozen companies including Fecto Cement, Berger Paints, Millat Tractors, PICIC and final dividend plus bonus shares by Faysal Bank were on the higher side of the market expectations.

The opening was higher but the afternoon session witnessed selling pressure as some leading investors and day-traders unloaded their long positions owing to weekend fears taking the market in a minus column.

“It was essentially a weekend selling as a section of investors cashed in on the available margins of profit amid fears of heating up of the political atmosphere in the backdrop of protest rallies against blasphemous cartoons,” said a leading analyst, adding “the hanging sword of massive in-house financing could pave the way for a big sell-off in the coming sessions.”

The index could shed another 150 or 200 points during the next week owing to selling prompted by in-house financing but a section of bargain-hunters is around and could put the market back on the rails the very next day, he added.

But others said that board meetings of some leading companies due during the next week could well prove a stabilizing factor despite the overbought position of the market.

However, it is satisfying to note the current session being the last for rolling over or squaring of positions from the February contract to the ruling March was terribly smooth allaying fears of a big sell-off, they said.

Prominent gainers were led by ICI Pakistan, Zulfiqar Industries, Gillette Pakistan, Pakistan Refinery and National Bank, up by Rs7.60 to 12.80 followed by Lakson Tobacco, National Foods, PSO and some others, which posted gains ranging from Rs4.60 to Rs5. But the largest gain of Rs100 was noted in Wyeth Pakistan.

Losers included Bank of Punjab, Colgate Pakistan, Berger Paints, Atlas Honda, Mari Gas, Attock Petroleum and Shell Pakistan, off Rs6.30 to Rs15.25.

Trading volume shrank to 443m shares from the previous 611m shares as losers forced a strong lead over the gainers at 223 to 108, with 36 shares holding on to the last levels.

National Bank topped the list of actives sharply higher by Rs13.80 at Rs307.60 on 66m shares, followed by OGDC, off Rs2.15 at Rs150.60 on 48m shares, Pakistan Petroleum, up by Rs1.10 at Rs301.90 on 39m shares, D.G.Khan Cement, steady 30 paisa at Rs143.50 on 24m shares, Bank of Punjab, off Rs6.30 on post-bonus share profit-selling, MCB, easy 75 paisa at Rs253.50 on 20m shares and Pakistan Oilfields, lower by Rs1.75 at Rs624.05 on 19m shares.

Other actives included PTCL, lower by 95 paisa at Rs65.90 on 15m shares, Lucky Cement, fell by Rs1.50 on 18m shares and Sui Southern Gas, easy 55 paisa on 16m shares.

FORWARD COUNTER: Pakistan Petroleum came in for active support and rose by Rs7.32 paisa at Rs310.50 on 15m shares, followed by National Bank, higher by Rs14.10 at Rs317 on 13m shares, and OGDC, off 55 paisa at Rs155.85 on 9m shares.