KARACHI, Jan 28: Stocks ended lower on Monday after hitting a fresh all time high as investors preferred to book profits above the technical level of 17,000 points, but dealers expect a positive momentum to set in amid the earning season.

Investors also sold shares from the Attock Group of Companies after expected results. The KSE 100-share index ended 0.30 per cent, or 51.37 points, lower at 17,004.99 points. It traded in a broad range as it made an all time high at 17,124.32 and low at 16,984.43.

Turnover decreased to 189.5 million shares, compared with 270.78m shares traded on Thursday and trading value also fell to Rs5.13 billion from Rs6.91bn in the previous trading session.

Market capitalisation marginally lower at Rs4.25 trillion, unchanged from Thursday’s Rs4.26tr.

After attaining yet another historic high the benchmark underwent an intra-day technical adjustment, led by off-loading in E&P stocks, wherein post result squaring stayed the popular reason for bearish spell.

While the short term traders stayed confused over dicey movement mainly in the Attock group stocks, wherein below expectations earnings paired with cash payout on an optimistic side, while some above expectations earnings paired with below expectations cash payouts, relatively longer horizon portfolios well assessed the results and did react accordingly, thus keeping activity in the frontline cement and E&P stocks on higher side, said Hasnain Asghar Ali from Escorts Capital Ltd Pakistan.

Oilfields Ltd (POL) posted an earning per share of Rs23.9 in the first half of 2012-13, down 8 per cent from EPS of Rs26.1 in same period last year. POL ended 95 paisa lower at Rs454.56.

All companies belonging to the Attock Group, such as Attock Refinery and Attock Petroleum all ended lower. “No major surprise in the result of Attock group and Lucky Cement compel investors to book profit above the key 17,000 mark. Profit taking was seen in all major stocks except for Engro Corp and Engro Foods. Engro foods once again closed at its upper limit after excellent result announcement last week," said Samar Iqbal a dealer at Topline Securities Ltd.

Lucky Cement Company (LUCK) announced an EPS of Rs13.3 in the first half ended Dec 31, as against Rs9.3 in the same period last year, up 42 per cent.

Foreign investors turned into net sellers as they sold shares worth a net $350,603 on Monday after selling a net $758,677.73 on Thursday, bringing the total for this month at a net $5.43m.

Individuals were the major buyers with equity worth $1.74m.

The biggest gainer was Shezan International which ended Rs19.47 higher at Rs429.47, followed by Pakistan International Container Ltd which closed Rs9.65 lower at Rs219.24. Colgate Palmolive witnessed the biggest loss as it shed Rs72.50 to Rs1,377.50, followed by Unilever Pakistan, which ended Rs31.57 lower at Rs9,883.26. The KSE-30 index ended 0.25pc, or 35.33 points, lower at 13,876.33.

Out of the 328 companies traded, the value of 127 increased, 183 decreased while 18 remained unchanged.

The second and third tier companies dominated the 10 most active traded stocks: Fauji Cement topped the list as it ended 32 paisa higher at Rs8.12 on turnover of 50.18 million shares, Maple Leaf Cement fell 36 paisa to Rs17.50 on 17.94m shares and Jahangir Siddiqui Co Ltd shed 52 paisa to Rs16.01 on 11.93m shares.

Lotte Pakpta gained 25 paisa to Rs7.18 on 9.82m shares, Lafarge Pakistan ended unchanged at Rs5.46 on 9.16m shares and Engro Copr rose Rs1.42 to Rs96.80 on 5.56m shares.

Engro Foods closed at its upper circuit after gaining Rs4.38 to Rs105.20 on 5.16m shares, Dewan Cement rose marginally by one paisa to Rs5.25 on 4.93m shares but Byco Petroleum ended 21 paisa lower at Rs14.16 on 4.81m shares.

KESC gained 4 paisa to end at Rs5.88 on 4.04m shares.