KARACHI, Sept 29: After a higher opening, stocks on Thursday ran into profit-selling later, but larger fall was averted thanks to active short-covering in the leading base shares at the lower levels.

The market’s early buoyant mood was also well-reflected in the KSE 100-share index, which early rose to 8,262.67, but late selling in the base shares pushed it down to finish lower by 44.82 points at 8,151.51 as compared to 8,196.33 a day earlier.

Late selling in PTCL dragged down the entire market, but stray buying in some of the pivotals averted a major shakeout and analysts said the worst was apparently over.

The share of PTCL has been under pressure on selling prompted by conflicting reports about the PTCL sell-off and delays in its takeover by the new management and has fallen by Rs6 during the last four sessions to Rs60 from Rs66. At one stage it hit the day’s lowest at Rs59.95, the fall below the resistance level of Rs60 triggered selling in some other blue chips.

“Etisalat may not back out of the deal but an extension given to it to complete privatization formalities till Oct 28 speaks of some allied problems,” says a leading analyst. ”There could be many a slip between the lip and the cup.”

Leading brokers said the reaction appeared to be psychological rather than pragmatic as the market currently was in the tight grip of bears that were out to push prices of some of the liquid stocks further lower and then to buy it.

“There is nothing wrong with the basic fundamentals of the PTCL,” they said. “It could fall further but has a potential to rise to its pre-reaction levels any time.”

A loss of over Rs2 in its final earnings and omission of the final dividend and the selling associated with it seem to have already run its course and now is the turn of the bulls to fight back, some others said.

Bank and some of the leading oil shares, including National Bank, Bank of Punjab, MCB, PSO and Pakistan Petroleum maintained their upward drive and finished with an extended gain.

Among the top gainers, Shell Pakistan and Unilever Pakistan were outstanding, up Rs11 and Rs30, respectively, followed by HinoPak Motors, Honda Atlas, Murree Brewery, Suzuki Motors, National Refinery, Lakson Tobacco and Noon Pakistan, which posted gains ranging from Rs4 to Rs9.

Leading losers were led by Grays of Cambridge and Millat Tractors, off Rs14.45 and Rs15, respectively. Other prominent losers included Fazal and Yousuf Textiles, Pakistan Refinery, Atlas Honda, Wyeth Pakistan, Zulfeqar Industries and Bhanero Textiles, off Rs4 to Rs12.85.

Trading volume further rose to 389m shares from the previous 306m shares but losers held a modest lead over gainers at 178 to 170, with 44 shares holding on to the last levels.

PTCL again topped the list of most actives, off Rs3.10 at Rs60 on 64m shares, followed by National Bank, higher by Rs1.60 at Rs141.10 on 44m shares, OGDC, lower 25 paisa at Rs113.85 on 43m shares, DG Khan Cement, off Rs1.75 at Rs73.90 on 40m shares, Bank of Punjab, up Rs1.35 at Rs116 on 23m shares, MCB, higher by Rs1.10 at Rs124.40 on 16m shares and PSO, higher by Rs2.80 at Rs386 on 11m shares.

Other actives included Pakistan Oilfields, higher by Rs9.90 on 27m shares, Pakistan Petroleum, firm by 35 paisa on 16m shares, and Fauji Fertilizer Bin Qasim, lower 75 paisa on 12m shares.

FORWARD COUNTER: PTCL also came in for sympathetic selling on this counter, off Rs2.20 at Rs60.80 on 21m shares, followed by Pakistan Petroleum, up Rs1.10 at Rs197.55 on 7m shares, and National Bank, up Rs20 at Rs143.50 on 6m shares. Others also rose under the lead of Pakistan Oilfields.