KARACHI, Oct 18: Karachi stocks on Thursday passed through a consolidation phase as the market’s early upward thrust was halted by late profit-taking caused by reports of fresh firing across the international border by the Indians.

The KSE 100-share index ended with an extended gain of 8.20 points, slightly above the support level of 1,250.00 at 1,253.64 points adding another Rs2 billion to the market capitalization at Rs311 billion.

The market may not be in an overbought position barring some pivotals, which needed a technical correction but the tension on the borders allowed a good bit of bargain-hunting, not panic selling from any quarter.

Reports of troop movements on both sides of the border in the wake of Tuesday’s cross border firing and verbal threats by the high-ups worked against the market’s rising tempo as weaker among the investors hastened to unloading their positions.

“War with India in the prevailing typical subcontinent elusive peace scenario appears to be a distant possibility owing to the strong presence of the US here but the tension on the borders is sure to take its toll”, predicts a leading stock analyst at a brokerage house.

The KSE 100-share index early was up by about 20 points on strong early buying in most of the pivotals aided by the reports of approval of the Hubco’s 17 per cent interim dividend by its lenders and predictions of a good final generated fresh buystops in it.

But final closing was off the day’s best level at 1,253.64, a net gain of 8.20 points over the last close of 1,245.44.

“Whether or not it manages to sustain the support level of 1,250 points tomorrow will set its future direction”, stock analysts said “indications are that it may and that could well prove a turning point in its future trend”.

Although Hubco share managed to finish with an extended gain of 55 paisa, the broader market failed to follow its lead as it did a day earlier under the lead of textile sector.

Advancing shares again held a fair lead over the losing ones, leading gainers being EFU General and Life Insurance, Sapphire Textiles, Cherat Papers, Aventis Pharma and Pak Reinsurance, which posted gains ranging from Rs2.45 to Rs25.

They were followed by Gatron Industries, Millat Tractors, ICI Pakistan, Sitara Chemical, Lever Brothers, Mitchell’s Fruits and Ghani Glass, rising by one rupee to Rs1.75.

For second day in a row losses were mostly fractional and reflected lack of support rather than large selling from any quarter. Attock Refinery, Pak Oilfields, Adamjee Insurance were leading off Rs1.60 to Rs2.50.

Trading volume fell to 137m shares from the previous 177m shares but gainers maintained a fair lead over the losers at 87 to 66, out of 194 actives.

Hub-Power again topped the list of most actives, up 55 paisa at Rs18.60 on 56m shares followed by PTCL, steady by five paisa at Rs15.65 on 38m shares, Sui Northern Gas, up 50 paisa at Rs9.10 on 8m shares, Dewan Salman, firm by 20 paisa at Rs13.90 on 5m shares and PSO, lower 40 paisa at Rs102.50 also on 5m shares.

Other actives were led by Engro Chemical, up 65 paisa on 4m shares, ICI Pakistan, higher Rs1.10 on 3.240m shares, Nishat Mills, firm by 15 paisa on 3.133m shares, MCB, easy 10 paisa on 2.141m shares and Bank of Punjab, up 10 paisa on 2m shares.

FORWARD COUNTER: PTCL and Hub-Power came in for strong speculative support on the forward counter and were marked by five and 45 paisa at Rs15.65 and Rs18.20 on 2.373 and 1.164m shares respectively. PSO and MCB on the other hand fell modestly by 40 and 20 paisa at Rs102.90 and 23.35 on 0.229m and 0.108m shares. Sui Northern was traded higher by 55 paisa at Rs9.10 on 0.694m shares.