KARACHI, Dec 7: Stocks on Wednesday ran into profit-selling at the higher level on selected counters but the broader market performed credibly well under the lead of bank and cement shares on an active follow-up support.

It was largely the weakness of PTCL, which pulled the index down from the session’s peak level of 9,437 followed by an active selling amid conflicting reports about the deal with Etisalat.

Analysts said technical correction was long overdue in an overbought market was delayed by pent-up demand from some of the financial sectors, which did not allow it to meet its technical demands.

The KSE 100-share index finished reacted at 9,374.86, off 22.27 as compared to 9,397.33 a day earlier, reflecting the weakness of some leading base shares under the lead of PTCL, which suffered fresh fall in the absence of any positive news on the deal with Etisalat.

Earlier, in the session the index rose to 9,437.39 points before reacting on late selling in some of the leading base shares, notable among them being National Bank, DG Khan Cement and some others, which set their new career-best levels.

However, a sharp fall in PTCL by Rs1.20 at Rs64 appears to be the chief motivating force behind the index decline, but on the other hand the broader market performed well under the lead of bank and cement shares, brokers said.

“I don’t think an imminent big shakeout at this stage,” says a leading analyst. “Bull may opt for unloading of long positions after having hit the index level of 10,000 points.”

The bourses’ decision to fight out the latest SECP directive about non-member chairmen through the court could work on both sides of the market in the coming weeks but the long-drawn legal battle may prove futile in the final analysis, he added.

But the post-directive behaviour of the market reflects that the bourses have decided to protect their legal rights after having failed to convince the high-ups of the SECP on legal demands of the issue, some others said.

Siemens Pakistan and Wyeth Pakistan led the list of gainers, up Rs33.95 and Rs64, respectively, followed by Attock Refinery, Pakistan Services, Garys of Cambridge, International Industries, Pakistan Refinery and Attock Petroleum, which posted gains ranging from Rs6 to Rs13.35. There were several other notable gainers also.

Prominent losers were led by Dawood Hercules and AKD Capital, off Rs50.05 and Rs12.80, respectively. They were followed by Artistic Denim, PSO, Shell Pakistan, Berger Paints, Clariant Pakistan, Noon Pakistan and National Refinery, off Rs3 to Rs4.

Trading activity fell to 461m shares from the previous 504m shares a day earlier as losers managed to force a modest edge over gainers at 196 to 187, with 41 shares holding on to the last levels.

National Bank maintained its upward drive and rose by Rs3.85 at Rs191.80 on 55m shares, DG Khan Cement, firm by 30 paisa at Rs112.20 on 38m shares, Lucky Cement, higher by Rs3.60 at Rs79.50 on 34m shares, Fauji Cement, steady by 20 paisa at Rs26.55 on 30m shares, PTCL, off Rs1.20 at Rs64 on 24m shares, and MCB, up 70 paisa at Rs171.30 on 18m shares.

Other actives were led by Bank of Punjab, higher by Rs1.05 at Rs104.50 on 26m shares, Fauji Fertilizer Bin Qasim, lower 50 paisa on 19m shares, Faysal Bank, up 70 paisa on 18m shares and Bosicor Pakistan, higher by Rs1.10 on 16m shares.

FORWARD COUNTER: Lucky Cement led the list of actives on this counter, up Rs3.10 at Rs80.10 on 16m shares, followed by National Bank, higher by Rs3.70 at Rs193.70 also on 16m shares, and DG Khan Cement, firm by 40 paisa at Rs113.30 on 11m shares.