KARACHI, May 12: Share values on the stock market on Friday failed to hold on to initial gains as a leading section of institutional traders took profits at the inflated levels but the underlying sentiment remained uppishly inclined.

Analysts said the general perception was that initial snap rally triggered by active short-covering in an oversold market would be carried out to the next week but punters and speculative forces cut it short in the afternoon session.

The KSE 100-share index early was marked up by 200 points at 11,624.51 as compared to 11,531.37 a day earlier as leading base shares finished partially recovered under the lead of National Bank and OGDC in the morning session but in the second session punters sold at the higher levels. It fell with a net fall of 19.83 points at 11,511.54 points.

Pakistan Petroleum, MCB, Bank of Punjab, PTCL and D.G. Khan Cement followed them on strong support at the recent lower levels but leading bears finally prevailed, pushed them lower from the early highs on late-selling.

Apart from technical factors, the weekend recovery in the early session was attributed to the market talk of increase in the CFS financing limit and introduction of three month future contract in place of the existing one month from July 1, 2006.

Although some of the leading analysts doubt the market’s ability to extend the weekend run-up in the backdrop of negative news from the political front, brokers said and added that the current lower levels were attractive enough for short-term investment and quick gains.

Some others ruled out the possibility of advent of foreign buying in the oil shares and termed the recovery to a good bit of local buying both by the punters and the financial institutions.

But in market parlance, any rally at the fag-end of week provides a solid ground for the investors to build on it a strong base for its upward thrust to the lost glory of 12,000 index level, they added.

Leading gainers were led by Arif Habib Securities and Nestle Pakistan, up by Rs26.05 and Rs27, followed by EFU Life, Pakistan Oilfields, Pakistan Engineering, Ghani Glass, Pakistan Reinsurance Co and IGI Insurance, up by Rs3 to Rs9.

Losers were led by Pak-Suzuki Motors and Gillette Pakistan, off Rs16.20 and Rs18.05 respectively. Other notable losers included Mehmood Textiles, International Industries, Lakson Tobacco, Shell Pakistan, Atlas Honda, D.G.Khan Cement, Honda Atlas, Indus Motors and Dawood Hercules, off Rs3 and Rs13.90.

Traded volume remained light in the absence of foreign support and totalled 211m shares from the previous 205m shares as losers maintained a fair lead over the gainers at 172 to 121, with 42 shares holding on to the last levels.

National Bank topped the list of actives, finishing with clipped gain of 80 paisa at Rs271.95 after hitting the session’s peak at Rs279.30 on 32m shares followed by OGDC, easy five paisa at Rs157.20 on 31m shares, D.G.Khan Cement, of Rs3.25 at Rs119.50 on 28m shares, MCB, lower 90 paisa at Rs250.10 on 13m shares, Pakistan Petroleum, off Re1 at Rs270.95 also on 13m shares, it hit the day’s highest at Rs276.50, Pakistan Oilfields, up by Rs5.23 at Rs441.90 on 10m shares and PTCL, easy 10 paisa at Rs57.40, the session’s high being Rs58.30 on 9m shares.

Other actives were led by Bank of Punjab, up by 80 paisa on 11m shares, Lucky Cement, off Rs2.60 on 10m shares and Adamjee Insurance, up by Rs1.05 on 4m shares.

FORWARD COUNTER: National Bank again actively traded, up by 75 paisa at Rs273.35 on 16m shares followed by D.G. Khan Cement, off Rs2.40 at Rs120.05 on 13m shares and OGDC, lower 10 paisa at Rs158 on 12m shares.