KARACHI, Feb 16: The KSE 100-share index on Friday remained under pressure as leading base shares came in for renewed profit-selling and finished lower under the lead of OGDC, National Bank and PTCL. It was off about 88 points at 11,379.40.

Trading volume shrank to a modest level at 146m shares as leading investors kept to the sidelines having an overview of the transparency-linked steps to be implemented by the KSE bourse next month.

Weekend considerations, therefore, dominated the trading as investors played on both sides of the fence indulging in alternate bouts of buying and selling.

Selective support, however, figured in prominently on the blue chip counters, which averted major fall as institutional traders and bargain-hunters were active buyers at the dips.

A final cash dividend of Rs20 or 200 per cent by Rafhan Bestfoods was well received in the market but share values was held unchanged at Rs714 on modest volume of 1,100 shares. It has already paid an interim dividend of 150 per cent or Rs15 per share of Rs10.

The KSE 100-share index ended sharply lower at 11,379.40, off 88.56 points as compared to 11,467.96 a day earlier as some of the leading base shares ended further lower under the lead of OGDC, National Bank and PTCL. The 30-share index on the other hand fell by 165.63 points at 14,344.18 points.

The market’s highly volatile performance over the week did not reflect that the current run-up was overdone, floor brokers said, adding “the market has to pass through its traditional cycles as each rise must follow by a fall”.

And in between, lower prices some of the leading shares have reached, having potential of capital gains, could soar to their pre-reaction levels, they said.

“No one including weaker links of investors entertain bearish ideas for the near-term,” some others said, adding that there was lot to come from the bull profile.

Analysts said the market had already undergone a correction after having shown highly erratic price movements during the week and was expected to settle down as demanded by some of the positive fundamentals.

“Eyes are focused on the upcoming corporate announcements by some of the leading bank, oil and cement shares possibly by late next week and indications are that some of the big ones may take new positions on these counter,” they said.

Leading gainers were led by IGI Insurance and Nestle Pakistan, up by Rs15 and Rs35.20, followed by EFU Life, Javedan Cement, Bata Pakistan, Gillette Pakistan, Lakson Tobacco and Shell Pakistan, higher by Rs4.90 to Rs9.75.

MCB and Pakistan Oilfield

fell by Rs7.45 and Rs7.70 respectively. Other prominent losers were led by National Refinery, Pakistan Refinery, PSO, Pakistan Petroleum, ICI Pakistan and Javed Omer and National Bank, off Rs2.55 to Rs4.75.

Trading volume fell further to 146.159m shares as leading investors remained conspicuous by their absence, while losers topped gainers by 136 to 114, with 39 shares holding on to the last levels.

OGDC led the list of actives, lower by 70 paisa at Rs122.50 on 13m shares followed by Bank of Punjab, steady by 55 paisa at Rs124 on 12m shares, TRG Pakistan, lower 60 paisa at Rs11.20 on 10m shares, Bank Alfalah, off Rs1.45 at Rs51.40 also on 10m shares, Kot Addu Power, off Rs1.45 at Rs51.40 also on 10m shares, National Bank, lower by Rs4.75 at Rs287 on 9m shares and PTCL, easy by 80 paisa at Rs57.25 on 6m shares.

Other actives were led by D.G. Khan Cement, up by Rs1.60 on 7m shares, Lucky Cement, steady by 15 paisa on 6m shares and Hub-Power, higher by 75 paisa on 5m shares.

FORWARD COUNTER: National Bank came in for renewed selling and fell by Rs4.10 at Rs288.05 on 8m shares, followed by OGDC lower 50 paisa at Rs122.75 on 5m shares and MCB, off Rs6 at Rs289 on 4m shares.

Lucky Cement followed them, up by 35 paisa at Rs65 on 4m shares and D.G. Khan Cement, higher by Rs1.95 also on 4m shares.

DEFAULTER COS: Zeal Pak Cement led the list of actives on this counter, up by 65 paisa at Rs5.65 on 0.580m shares followed by Norrie Textiles, easy by 50 paisa at Rs4.75 on 0.471m shares and Unity Modaraba, steady by five paisa at Rs0.65 on 0.371m shares.

Crescent Standard Bank rose by 10 paisa at Rs4.35 on 0.107m shares and so did Nimir Chemical, steady by five paisa at Rs3 on 0.151m shares.