KARACHI, Oct 9: Stocks on Tuesday finished on a mixed note as late profit-selling at the inflated levels owing to holidays ahead pushed prices of some of the leading bank shares and other blue chips sharply lower.

The opening was, however, on the higher side, what the dealers called, the extension of the overnight run-up as the KSE 100-share index early soared by 170 points to session’s peak level of 14,536.49 points but after mid-session bears entered the market and indulged in profit-selling.

The KSE 100-share index, however, maintained its upward thrust on active follow-up support in the leading base shares, notably foreign buying in MCB and OGDC and finished with an extended gain of 119.07 points at 14,486.06.

“If the current buying flurry is sustained during the post-Eid sessions, I think its next near-term goal could be the index level of 15,000 points,” said a leading analyst.

The next three sessions preceding the Eid holidays could be very crucial for the future direction of the market but one thing appears certain that the “inspired bulls will retreat after having kissed their new chart point, some others said.

But the index-based buying euphoria could be terribly deceptive and could wipe out billions of rupees just in no time if the “inspired bulls desire so,” he warned prospective investors about financial risks involved in such snap and speculative rallies.

However, the finish was well below the session’s high of 14,536.49 points on late selling in some of the leading base shares including National Bank, Bank of Punjab, Bank Alfalah and some others.

The post-Eid trading will follow the proceeding in the apex court from Oct 17 on the president’s eligibility as a presidential candidate and some other related issues including notification on his victory in Oct 6 election raised in the petitions, analysts said.

The broader market ruled weak owing to profit-selling ahead of long weekend, bank shares being leading among the losers and so did some other blue chips which ensured capital gains during the current run-up.

Although losers forced a modest edge over the gainers on late selling, some of the leading shares managed to finish higher under the lead of Shezan International and Nestle Pakistan, up by Rs19.15 and Rs20, followed by Arif Habib Securities, UBL, Adamjee Insurance, Thal Jute, Pakistan Refinery, Indus Motors, Murree Brewery and some others, which posted gains ranging from Rs7 to Rs17.15.

Unilever Pakistan and Siemens topped the losers, off by Rs25 and Rs58.95 followed by Javed Omer, Pakistan Resource Co, Sapphire Fibres, Sanofi-Aventis, United Sugar and National Refinery, off by Rs6.40 to Rs11.50.

Trading volume was maintained on the higher side at 357m shares as compared to previous 344m shares but losers held a lead over the gainers at 172 to 166, with 49 shares holding on to the last levels.

OGDC led the list of actives, up by Rs5.05 at Rs130.45 on 88m shares followed by Arif Habib Securities, higher by Rs7.40 at Rs159.50 on 24m shares, Bank of Punjab, off Rs3 at Rs105.70 on 16m shares and Bank Alfalah, lower by Rs2.10 at Rs60 on 11m shares.National Bank, off Rs3.35 at Rs275.50 on 11m shares, Askari Bank, lower by Rs1.70 at Rs103.55 on 9m shares and Fauji Fertiliser Bin Qasim, easy by 40 paisa at Rs45.80 also 9m shares.

Other actives were led by TRG Pakistan, up by 20 paisa on 52m shares followed by NIB Bank, easy five paisa on 11m shares and Nishat Mills, up by Rs1.20 on 8m shares.

FORWARD COUNTER: OGDC also led the list of actives on this counter, higher by Rs4.45 at Rs130.55 on 13m shares followed by Pakistan Petroleum, steady by 60 paisa at Rs257.95 on 9m shares and Bank of Punjab, lower by Rs2.40 at Rs106.50 on 9m shares.