KARACHI, May 5: Stocks on Friday resisted fresh fall on active short-covering on selected counters at the lower levels amid highly erratic price movements as leading investors played on both sides of the fence.

The weekend trading pattern was so tricky that no one could precisely decide how to operate in clueless market fraught with high risks and followed the tide according to their own perceptions, analysts said.

After having fluctuated within the range of 200 points both ways, the KSE 100-share index managed to finish with a fractional fall of 3.81 points at 11,686.44 as compared to 11,690.25 a day earlier as leading base shares managed to closed partially recovered from overnight lows. The session’s lowest and the highest was recorded at 11,525 and 11,713, respectively.

Leading oil shares, notably OGDC, Pakistan Petroleum, MCB, National Bank, and Lucky and D.G.Khan Cement in the cement sector did not toe the market’s general line of action and attracted a lot of support at each dip, brokers said.

Both National Bank and MCB were the star performer rising sharply higher amid active trading and finished close their peak levels followed by reports of higher quarterly profits.

Although the weekend finish was a bit easy, stiff resistance to larger fall thanks to presence of support at the dips reflected that the next week’s trading could be more productive.

“The market is still in an oversold position despite the fact that a good part of the previous week’s loss has been recouped,” analysts said adding that could “lead to a fresh run-up to the index level of 12,000 possibly by early next week trading.”

All the market leaders including oil, bank and cement shares are still in attractive buying range and investors are not inclined to miss an attractive bait of capital gains, they said.

Leading gainers were led by Wyeth Pakistan and Unilever Pakistan, up by Rs29 and 30, followed by HinoPak, Millat Tractors, Honda Atlas Cars, Pakistan Resource Company, Pakistan Refinery, Lakson Tobacco National Bank and Arif Habib Securities, which posted gains ranging from Rs6.40 to 28.45.

Losers were led by Shell Pakistan and Rafhan Maize, off Rs7.45 and 44. Other prominent losers included National Refinery, OGDC, Mari gas, and Sapphire Fibres, off Rs3.10 to 5.10.

Trading volume rose to 310m shares from the previous 269m shares as gainers held at comfortable lead over the losers at 157 to 148, with 49 shares holding on to the last levels.

National Bank topped the list of actives, higher by Rs10.05 at Rs281.20 on 78m shares followed by OGDC, off Rs1.65 at Rs160.60 on 48m shares, D.G.Khan Cement, steady by 50 paisa at Rs122.50 on 26m shares, MCB, higher by Rs5.80 at Rs253.40 on 25m shares, Bank of Punjab, up Rs3.75 at Rs94 on 20m shares, Faysal Bank, higher by 3.35 at Rs76.25 on 9m shares and PTCL, lower 60 paisa at Rs56.75 on 8m shares.

Other actives were led by Lucky Cement, up 90 paisa on 16m shares, Pakistan Petroleum, steady by 70 paisa on 13m shares and Nishat Mills, up Rs1.85 on 6m shares.

FORWARD COUNTER: National Bank also led the actives on this counter and was quoted higher by Rs10 at Rs282.50 on 26m shares, followed by OGDC, off Rs1.85 at Rs161.95 on 22m shares, and MCB, up Rs4.55 at Rs254.55 on 8m shares.