KARACHI, June 15: The stock market on Friday passed through another lean session as investors played on both sides of the fence and did not take long positions on any of the counters owing partly to selling by the foreign funds in bank shares. The KSE 100-share index shed another 24 points at 13,438.47.

But larger fall was averted as was reflected by mostly fractional price changes in most of the active scrips, indicating that investors are inclined to hold on to their long positions rather than opting for hasty unloading.

“The current run-up is not overdone,” brokers said, adding “the market has just taken a breather in an effort to adjust portfolios before the end of the current fiscal on June 30, and could resume its upturn any time.

The KSE 100-share index was quoted further lower by 23.99 points at 13,438.47 as compared to 13,462.46 points a day earlier as some of the leading base shares tended further lower on weekend selling.

Indications are that an overdue technical correction is now over and the market is expected to resume its upward drive when trading resumes on next Monday.

“I don’t think bulls will loosen their grip on the market until they hit their next index target of 14,000 points,” stock analyst Ahsan Mehanti predicts, adding “renewed buying euphoria in oil, bank and cement shares will accomplish the job”.

Analysts said oil shares should have provided the much needed upward push to the broader market in the backdrop of higher international prices of well over $71 per barrel but weekend consideration coupled with selling by the weakholders and jobbers did not allow the bull forces to react.

But some others said liquidity problems triggered selling from some of the overbought investors as CFS limit of Rs55bn was already crossed, although basic price structure was well maintained barring technical adjustments here and there.

“The market is still in overbought position and needs fresh pruning but it goes to the consolidation forces which did not allow the market to fall below certain pre-determined levels,” analyst Ashraf Zakria thinks.

He said a good part of liquid funds had found their way into the new floatation, Sitara Peroxide, whose public subscription ended on June 14.

Leading gainers were led by Pakistan Services and Rafhan Bestfoods, up by Rs20.35 and Rs42.50, followed by JS & Co, Fazal Textiles, Sanofi-Aventis, Packages, Treet Corporation, National Refinery and Colgate Pakistan, which posted gains ranging from Rs11.75 to Rs18. There were several other good gainers also.

Prominent losers included IGI Insurance and Wyeth Pakistan, off Rs19 and Rs101.25 respectively. They were followed by Javed Omer, Sapphire Fibres, Pak-Suzuki, Zulfiqar Industries, AKD Securities, Thal Jute, Arif Habib Ltd, EFU General, Attock Petroleum and Adamjee Insurance, off Rs7 to Rs15.35.

Trading volume shrank to 271m shares from the previous 429m shares as losers held a modest lead over the gainers at 174 to 153, with 37 shares holding on to the last levels.

Fauji Fertiliser Bin Qasim again topped the list of actives, off 85 paisa at Rs37.85 on 18m shares followed by D.G. Khan Cement, lower by 70 paisa at Rs115.40 on 14m shares and Bank of Punjab, easy by 65 paisa at Rs112.75 on 13m shares.

Bank Alfalah, steady by 10 paisa at Rs57.60 on 13m shares, Hub-Power, firm by 40 paisa at Rs37.40 on 11m shares, Lucky Cement, off Rs1.10 at Rs121.45 also on 11m shares and PTCL, up by 70 paisa at Rs54 on 7m shares.

Other actives were led by Askari Bank, lower by Rs1.40 on 10m shares, Bosicor Pakistan, steady by five paisa on 8m shares and TRG Pakistan, lower 45 paisa on 9m shares.

FORWARD COUNTER: D.G. Khan Cement also came in for modest selling on the cleared list and was marked down by 70 paisa at Rs116 on 8m shares followed by Lucky Cement, easy 15 paisa at Rs121.85 on 7m shares and OGDC, lower by five paisa at Rs121.20 on 7m shares.