KARACHI, Nov 25: Stocks on Friday ran into weekend profit-selling on some of the high-profile counters under the lead of National Bank, but MCB and DG Khan Cement maintained their upward drive on active follow-up support.

PTCL, which has been dormant for the last couple of session, also attracted fresh covering purchases followed by reports that talks with Etisalat are in progress to finalize the deal.

After having briefly crossed the barrier of 9,100 in the morning session, the KSE 100-share index finished well below the day’s peak level on late weekend selling in some of the leading base shares.

The final finish was around 9,064.39 points as compared to 9,072.82 a day earlier after the early rise of 36 points at 9,108 was wiped out by weekend profit-taking in some of the overvalued shares. The net fall over the day was 8.43 points. Traded volume soared to over half-a-billion shares after several months.

At no stage the underlying sentiment showed signs that the current run-up is overdone despite rumours of political changes at the top in the Sindh government. The selling was of routine nature that grips the market at the weekend sessions.

Analysts said the market should have extended its overnight run-up but settlement of October future contracts generated a lot of selling to square positions, which in turn have negative fallout on the ready counter.

But selling was well absorbed as there was no change in the market’s basic fundamentals except weekend selling at the highly inflated levels in some of the bank and cement shares, they said.

“The entry of some big operators in the share business in the recent past has changed the entire future outlook but day-traders and small investors are in two minds: whether or not to buy at the rising prices,” some others said. “A good part of the daily buying is, therefore, finding its way into the low-priced shares, which hold the potential of capital gains.”

The current buying euphoria in National Bank, which has pushed its share value from Rs168 to Rs188 during the last couple of sessions, took a breather as speculative buyers indulged in selling apparently thinking to go forward or opt for profit-selling at the highs.

But on the other hand, PSO burst into activity on reports of its early sell-off and so did Sui Northern Gas Company on an identical report. PSO rose sharply higher, while the latter maintained its upward drive.

Rafhan Best Foods and Siemens Pakistan were among leading gainers, up Rs40.25 and Rs17.25, respectively, followed by Jahangir Siddiqui & Co, and its Capital Market Fund, Arif Habib Securities, Central Insurance, Fazal Textiles, Shell Pakistan, Colgate Pakistan, Clariant Pakistan, Pakistan Services, Aventis and Lakson Tobacco, which posted gains ranging from Rs5.30 to Rs11.90.

Prominent losers were led by BOC Pakistan and National Refinery, off Rs8.70 and Rs8.95, respectively. Others were led by National Bank, IGI, Mustehkam Cement, Pakistan Refinery, Millat Tractors and Shezan International, which were quoted lower by Rs4 to Rs6.75.

Trading volume rose over half-a-billion shares at 502 million as compared to the previous 432m shares, as gainers and losers about evenly matched at 157 to 159, with 51 shares holding on to the last levels.

The most active list was topped by DG Khan Cement, higher by Rs2.20 at Rs106.35 on 62m shares, followed MCB, up Rs1.50 at Rs153 on 54m shares, PTCL, firm by 70 paisa at Rs64.10 on 46m shares, National Bank, off Rs4.40 at Rs182.75 on 45m shares, Fauji Cement, lower 40 paisa at Rs27.00 on 35m shares, and Bank of Punjab, easy 35 paisa at Rs103.15 on 30m shares.

Other actives were led by Maple Leaf Cement, up Rs1.90 on 25m shares, Nishat Mills, higher by Rs2.25 on 22m shares, Lucky Cement, up 80 paisa on 16m shares and OGDC, off 90 paisa on 15m shares.

FORWARD COUNTER: MCB topped the list of gainers on this counter, higher by Rs2.85 at Rs155.25 on 17m shares, followed by National Bank, off Rs2.39 at Rs187.01 on 12m shares and DG Khan Cement, higher by Rs1.55 at Rs107.80 on 12m shares.