KARACHI, Feb 16: After a strong opening, stocks on Thursday finished lower on profit-selling at the inflated levels owing to fears of violence in the backdrop of protest rallies called by the religious parties against the blasphemous cartoons.

The opening was, however, fairly promising followed by strong spillover demand but after mid-session negative reports about the stray incidents of violence in the rallies triggered selling by both the jobbers and brokers.

The KSE 100-share index shed 82.48 points at 11,176.81 as compared to 11,259.29 a day earlier, reflecting the weakness of leading oil and bank shares including National Bank, PTCL, and some others barring Pakistan Oilfields and Pakistan Petroleum, which rose by Rs24.15 and Rs5.70 respectively.

It fluctuated between the lowest and the highest levels of 11,174.47 and 11,351.61, showing a massive two-way movement of about 200 points, indicating the market’s terrible volatility fraught with high risks.

Some of the foreign funds cashed in on the inflated levels both in the oil and bank shares but again picked them at the lower levels, limiting the market decline.

The sentiment in part was also influenced bearishly as investors feared the negative fall-out of Lahore and Peshawar incidents of violence and killing of some persons and mostly played safe.

However, there was nothing wrong with the basic bullish market fundamentals as reports of higher earnings and interim dividend are steadily pouring in each session, brokers said.

An interim dividend at the rate of 12.5 per cent by Hub-Power and board meetings leading shares, notably D.G.Khan Cement, MCB and General Tyre by the next week could boost the investor morale amid rumours of higher payouts by them, they said.

Attock Petroleum and Pakistan Oilfields maintained their upward drive on strong support and rose by Rs19 and Rs24.15. Other prominent gainers were led by Askari Bank, Attock Refinery, Pakistan Petroleum, Jahangir Siddiqui Bank and Colgate Pakistan, up by Rs4.05 to Rs9.

Losers were led by Wyeth Pakistan and Rafhan Maize, off Rs50 and Rs40.70 followed by PSO, Shell Pakistan Fazal Textiles, Al-Ghazi Tractors, HinoPak, Gillette Pakistan, Rafhan Bestfoods, Ferozsons Lab and Dawood Hercules, which fell by Rs8 to Rs23.

Trading volume further fell to 534m shares from the previous 604m shares as losers held a strong lead over the gainers at 238 to 131, with 39 shares holding on to the last levels.

The most active list was topped by OGDC, rose by five paisa at Rs148.50, after hitting the highest for the day at Rs151, on 107m shares followed by Fauji Cement, steady by 35 paisa at Rs28.10 on 45m shares, National Bank, off Rs5.45 at Rs263.05 on 36m shares, PTCL, lower Rs1.95 at Rs66.15 on 30m shares, and D.G. Khan Cement, off Rs3.65 at Rs137.60 on 29m shares.

Other actives included Pakistan Petroleum, up by Rs5.20 on 29m shares, Pakistan Oilfields, sharply higher by Rs24.15 on 19m shares, KESC, firm by 25 paisa on 18m shares, Telecard, up 85 paisa on 16m shares and TRG Pakistan, steady 20 paisa also on 16m shares.

FORWARD COUNTER: OGDC again led the list of actives on this counter but was marked down by 40 paisa at Rs149 on 34m shares followed by Pakistan Petroleum, higher by Rs6.40 at Rs263.75 on 16m shares and Telecard, firm by 35 paisa at Rs24.60 on 14m shares.