KARACHI, April 20: Share market finished the weekend session on a mixed note as investors played on both sides of the fence selling at the inflated level and buying at the dips on those shares whose board meeting are due next week. The KSE 100-share index was off 29.27 points but well above the barrier of 12,000.

But the broader market performed credibly well under the lead of insurance sector as investors welcomed the new insurance policy. A good part of the investment buying was also shifted to other counters having potential of higher capital gains or low-priced ones from the current overvalued scrips.

As a result, the KSE 100-share index shed another 29.27 points at 12,091.53 as compared to 12,120.80 a day earlier owing to the weakness of OGDC and some other leading base shares. The KSE 30-share index fell by 63.22 points at 14,993.54 points.

Despite worries over an expected pressure on liquidity after the refusal of the SECP to increase the limit of CFS financing from the current Rs55bn to Rs80bn, selling was well absorbed at the dips, notably on the active scrips, analysts said.

“The investment under CFS (borrowed money for share business at 18pc) is already close to its ceiling of Rs55bn,” they said, adding “if its limit is not raised it could lead to selling in the ready section”.

But the SECP reported to have refused to raise the limit as suggested by the KSE board apparently on the ground that it could fuel speculative activity.

During the last couple of sessions investors extensively borrowed money as was reflected by a massive rise in daily volume figure to well over 400m shares and price flare-up on the oil, banking, cement and some other sectors.

The next week could well prove a trend –setter as board meetings of some of the leading companies, notably OGDC, PSO and Engro Chemicals are due, brokers said, adding “whether or not liquidity problems could trigger selling will also be clear”.

Leading gainers were led by Adamjee Insurance, Central Insurance, Pak Resource Co and Shaheen Insurance in response to new insurance policy, up by Rs5.62 to Rs9.40 followed by J.S. & Co, Bata Pakistan, Murree Brewery and Colgate Pakistan, up by Rs5.20 to Rs20.

Losers were led by Bank of Punjab, Pakistan Refinery, Atlas Honda, Gillette Pakistan, Pakistan Hotels, Pakistan Cables and Pakistan Services, which suffered fall ranging from Rs4.90 to Rs14.50.

Trading volume fell further to 277m shares from the previous 336m shares but gainers held a strong lead over the losers at 179 to 128, with 41 shares holding on to the last levels.

Lucky Cement topped the list of actives, higher by Rs2.80 at Rs101.20 on 39m shares, followed by Bank of Punjab, off Rs5.40 at Rs102.85 on 23m shares, D.G. Khan Cement, off Re1 at Rs99.90 on 20m shares, Fauji Cement, steady by 10 paisa at Rs18.70, National Bank, up 85 paisa at Rs.246.75 on 12m shares, Askari Bank, lower 95 paisa at Rs91.25 on 12m shares, PTCL, higher by 40 paisa at Rs50.05 on 11m shares.

Other actives were led by OGDC, off Rs1.15 at Rs121.75 also on 11m shares, Azgard Nine, up by 80 paisa also on 11m shares and TRG Pakistan, off 60 paisa on 7m shares.

FORWARD COUNTER: Lucky Cement was also actively traded on this counter and rose by Rs3 at Rs101.40 on 15m shares followed by Bank of Punjab, off Rs5.65 at Rs102.60 on 9m shares and D.G. Khan Cement, lower by Rs1.15 at Rs99.85 on 6m shares.