KARACHI, Aug 11: Stocks finished the weekend session on an easy note as oil and bank shares came in for fresh pruning at the inflated levels and ended sharply lower in the absence of buying at the dips.Apart from developing situation on the political front in the backdrop of opposition’s no-trust move against the prime minister on Aug 23, a rumoured major breakthrough in the on-going probe against some of the leading brokers allegedly involved in the March 2005 market crash also triggered fresh selling in some of the pivotals.

The KSE 100-share index as quoted further lower by 118.09 points or 1.13 per cent at 10,406.40 as compared to 10,525.09 a day earlier, reflecting the weakness of all major index shares barring Pakistan Oilfields and some others, which limited the total fall.

The index had dropped to the session’s lowest level at 10,325.40 at one stage but late short-covering allowed it end partially recovered though well below the day’s highest of 10,562.54 points.

It appeared to be a judicious blend of both weekend selling and negative political undercurrent and rumours of fresh developments on the on-going probe against some of the leading brokers further intensified the selling by the weak-holders, analysts said.

Opinions were divided over the future market outlook. Some predicted that the market had already undergone a needed technical correction during the last couple of sessions and a strong rebound was now overdue.

Some others said the developing political situation in the backdrop of opposition’s no-trust move against the prime minister might not allow consolidation forces to play their due role for obvious reasons.

“There is more than one reasons to be optimistic about the market’s next week performance,” predicts a leading stock analyst, adding board meetings of some of the blue chips, notably OGDC, are due next week and there is talk of higher payouts”.

Being massively capitalised, OGDC alone could put the index back on the rails as oRe1 rise in its share value adds 16 points to the index, he adds.

All the market leaders, notably Pakistan Petroleum, Pakistan Oilfields, National Bank, MCB and D.G. Khan Cement have reached an attractively lower level and could attract strong covering purchases, some others said.

Gillette Pakistan and Pakistan Services were leading among the gainers, up by Rs7 and Rs19. Others rose modestly under the lead of Al-Ghazi Tractors, Millat Tractors, Clover Pakistan, Murree Brewery and Pakistan Tobacco, up by Rs2.85 to Rs3.85.

Leading losers included Siemens Pakistan and Shell Pakistan, off Rs8 and Rs10 followed by Arif Habib Securities, Javed Omer, Attock Petroleum, Colgate Pakistan, ICI Pakistan and Dawood Hercules, off by Rs4 to Rs5.90.

Trading volume fell further to 155m shares from the previous 200m shares as losers maintained a strong lead over the gainers at 138 to 89, with 35 shares holding on to the last levels.

The actively traded shares were led by National Bank, off Rs3.75 at Rs231.45 on 17m shares followed by OGDC, lower Rs3.80 at Rs134.90 on 16m shares, MCB, off Rs3.25 at Rs225.50 on 13m shares, Pakistan Petroleum, easy by Rs3 at Rs245.50 on 11m shares, Pakistan Oilfields, up by Rs3.55 at Rs363 on 9m shares and PTCL, lower Rs1.05 at Rs43.40 on 7m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, off Rs1.05 on 10m shares followed by Dewan Salman, up by 30 paisa on 8m shares, D.G.Khan Cement, easy 90 paisa on 7m shares and Bank of Punjab, off Re1 on 6m shares.

FORWARD COUNTER: National Bank also came in for active selling on the cleared list and fell by Rs3.40 at Rs232.40 on 5m shares, Pakistan Petroleum, lower Rs3 at Rs247 on 4m shares and Pakistan Oilfields, up by Rs2.65 at Rs364.25 also on 4m shares.