KARACHI, May 6: Stocks on Tuesday turned mixed as leading shares came in for active profit-selling at the higher levels but the broader market performed credibly well thanks to active support at the dips.

The buying euphoria associated with the current peace moves with India may not have faded, some rethinking on the issue has certainly divided the investor perceptions about the final outcome of talks in the backdrop of conflicting reports that are trickling in from across the border.

All was, therefore, not bad with the broader market or the blue chips as the KSE 100-share index showed a marginal decline of 2.92 points at 2,972.80 points, after having touched its career-best level of 2,984 at one stage.

“It appears to be a tactical moves from some of the big ones to advance before passing through a consolidation phase,” analysts said. “The thunder-run on the 3,000 index level is well in progress.”

The buying euphoria linked to recent positive developments on the Indo-Pakistan relations may have faded, leading players made it look so after taking profits at the inflated levels, they said.

The index is now not that far as far as the coveted level of 3,000 is concerned but those who wanted to push it to that level are also seized with the problem to sustain it.

All seems to be awaiting any major breakthrough on the negotiated peace between the two close neighbours and despite some apprehensions in some quarters even signs of peace could give the needed push to stock trading in the coming weeks.

However, one thing appears certain: the index is heading to hit the 3,000 points index level possibly during the current week and what after that is anybody’s guess, one broker predicts.

“Together with current peace overtures, bidding date for PSO sell-off could keep investors in an upbeat mood at least until the national budget is presented in middle of June,” he says.

Investors are now following political moves rather than the corporate announcements, and indications are that there could be a slight interruption in the chain of events on the internal front, notably LFO.

Bulk of the support remained confined to synthetic, fertilizer and some leading energy shares followed by some investment scrips but gains and losses were mostly fractional.

Unilever Pakistan and Treet Corporation were leading among the gainers, up Rs9.50 to Rs16.50 followed by Burewala Textiles, Javed Omer, Attock Refinery, Millat Tractors, Siemens Pakistan, Reckitt and Benckiser, Security Papers, National Foods and Gillette Pakistan, up Rs3 to Rs5.75. Synthetic shares rose under the lead of Dilon, Gatron and Dewan Salman, higher by Rs2 to Rs2.55.

Losers were led by Wyeth Pakistan and Parke Davis, off Rs25 to Rs40.75. Both had risen by Rs150 during the last couple of weeks because of shortage of floating stock and has fallen on selling. Shafiq Textiles, Al-Ghazi Tractors, Atlas Honda and Bhanero Textiles suffered fall ranging from Rs2 to Rs5.

Trading volume showed a modest decline at 216m shares from the previous 245m shares but gainers held a strong lead over the losers at 207 to 136, with 67 shares holding on to the last levels.

Hub-Power topped the list of most actives, easy 25 paisa at Rs35.25 on 28m shares, PTCL, lower 20 paisa at Rs24.40 on 24m shares, D.G. Khan Cement, up 85 paisa at Rs16.15 on 22m shares, Sui Northern Gas lower 10 paisa at Rs29.15 on 20m shares, Bosicor Pakistan, higher 25 paisa at Rs16.45 on 14m shares, PSO, easy 50 paisa at Rs213.20 on 14m shares and Pak PTA, unchanged at Rs9.25 on 10m shares.

Other actives were led by Lucky Cement, higher by 40 paisa on 10m shares, FFC-Jordan Fertilizer, easy five paisa on 8m shares and Dewan Motors, higher by 70 paisa also on 8m shares.

FORWARD COUNTER: Activity on this counter was relatively slow as leading sellers kept to the sidelines awaiting some positive developments on peace moves with India. But as the follow-up support turned shy prices fell.