KARACHI, Dec 31: The stock market finished the last session of the calendar 2008 on a bearish note as operation liquidation continued, however unlike the previous sessions some of the leading shares came in for active short-covering signalling that the down drift may be overdone.

The overall end was on the lower side amid fears of default of some of the leading brokers as they had failed to honour their margin calls.

The market’s uncertain outlook was also evident from the performance of the benchmark 100-share index, which breached through jealously guarded barrier of 6,000 at 5,865.01, off 172.37 points or 2.86 per cent.

The year 2008 has been unprecedented in the KSE history in more than one ways and will be a momentous in the corporate parlance in the years to come.

In the year, the KSE 100-share index fell from the all-time high of 15,622 points to 5,865.01 points, off 9,757 points or around 60 per cent, eroding $51 billion from the market capital at $24 billion from $75bn or at Rs1,858 billion from record Rs3,450bn.

No one could precisely predict at this stage where the end will come and what the New Year will have for the stock investors. But even a most optimistic view indicates that all may not be good for it despite talk of Rs20 market support fund, most analysts believe.

“Over the year, much water had already flown under the bridge and no one is inclined to take even calculated risks at the current bottom rates until sanity returns to the market,” they said.

Everyone is trying to get out of the market after unloading long positions even at a discount of 25 to 30 per cent and persistent selling by the foreign investors has further accentuated the situation, they added.

Unlike the previous sessions, an active short-covering was witnessed on select counters allowing the broader market to perform on an improved note.

Ismail Industries, Kot Addu Power, National Foods, Tri-Pack Films, Fauji Fertiliser, Huffaz Pipes and Millat Tractors, were leading gainers higher by Re1 to Rs4.11, largest recovery was witnessed in Millat Tractors. Several others share also rose.

Losers were led by Adamjee Insurance, MCB Bank, New Jubilee Insurance, National Refinery, Attock Petroleum, PSO, Pakistan Petroleum, PECO and Dawood Hercules, which suffered fall ranging from Rs5 to Rs11.50.

But Pakistan Services, Unilever Pakistan and Rafhan Maize were marked down by Rs22.66 to Rs125.33.

Trading volume fell to 78.682m shares from the previous 118.657m shares, but gainers cut short the strong lead held by the losers for the last couple of sessions at 83 to 105, with seven shares holding onto their last levels.

The most active list was topped by Pak Premier Fund, up by 43 paisa at Rs2.02 on 8m shares followed by Hub-Power, higher by 53 paisa at Rs14.09 on 7m shares, Pak PTA, firm by 34 paisa at Rs1.59 on 6m shares, Fauji Fertiliser Company, higher by Rs1.62 at Rs58.73 on 5m shares, TRG Pakistan, steady by 20 paisa at Rs1.78 also on 5m shares, NIB Bank, higher by 41 paisa at Rs4.67 on 4m shares, JS Growth Fund, firm by 21 paisa at Rs2.98 on 4m shares.

Fauji Fertiliser Bin Qasim, steady five paisa at Rs12.90 on 3m shares and Pakistan Petroleum, off Rs5.29 at Rs100.62 also on 3m shares.

FORWARD COUNTER: Allied Bank again led the list of actives, off Rs1.66 at Rs31.83, followed by Bank of Punjab, easy by Rs1.02 at Rs13.41, Habib Bank, off Rs4 at Rs76.07 and ICI Pakistan, off Rs3.62 at Rs69.82. But no business was done in any of them, while all others also fell where changed.

DEFAULTER COMPANIES: Zeal Pak Cement again led the list of actives, steady by two paisa at Rs0.52 on 3.254m shares followed by Japan Power, up six paisa at Rs1.71 on 79,500 shares, Unity Modaraba, firm by three paisa at Rs0.32 on 73,000 shares.

National Asset Leasing followed them, up 14 paisa at Rs0.21 on 30,500 shares followed by Invest Bank and Quice Foods, which were marked down on modest turnover.

DIVIDENDS: Shahtaj Sugar, cash 50 per cent, Shahmurad Sugar, cash final five per cent, already paid an interim of an identical amount, ABL Asset Management, interim 4.17 per cent, Thal Industries, cash final 15 per cent and Platinum Insurance, right shares 66.66 per cent.