KARACHI, June 7: The pre-budget run-up on the stock market on Thursday slowed down as follow-up support turned shy after foreign investors indulged in profit-selling in leading oil and bank shares, signalling their temporary exit.

But the underlying sentiment remained uppishly inclined as the KSE 100-share index posted a fresh rise of 25.33 points at 13,237.38 on the strength of some leading base shares.

The broader market as well as leading active shares came in for selling at the inflated levels by the weak holders and jobbers but it was well-absorbed at the dips.

The opening was, however, a bit promising aided by reports of GDR issue of the United Bank and sell-off of the oil giant Pakistan State Oil(PSO) but as the follow-up support turned shy, some of the leading fell from the early highs.

The KSE 100-share index again managed to finish with a fresh gai of 25.33 points at 13,237.38 as compared to previous 13,212.05 after hitting the session’s low and high at 13,181.79 and 13,311.44, respectively.

The weakness of OGDC and some other leading base shares added to the volatility of the index but the strength of PSO, which soared by Rs19 allowed it finish modestly higher.

The fact that it consolidated well above the level of 13,000 points signals that its upward drive is expected to continue in the post-budget sessions, too, provided the fiscal incentives are in line with the analysts thinking.

But on the other hand free-float 30-share index posted a fresh modest fall of 15.93 points at 16,732.56, reflecting the weakness of some leading industrials.

“In the absence of solid budgetary leaks, investors prefer to play on both sides of the fence in an apparent effort not to take even calculated risks in pre-budget speculative trading,” analyst Hasnain Asghar Ali said adding, “the rumour-based buying is fading out as the budget is just two days ahead.”

Another analyst Ashraf Zakria said a slowdown in foreign buying on the oil and bank sectors was another negative factor contributing to the uncertain pre-budget outlook and selling by the weak holders.

Among the top gainers, Nestle Pakistan and Rafhan Maize were leading, up by Rs44 and 60 amid shortage of floating stocks, followed by Fazal Textiles, EFU Life, JS & Co, United Bank, EFU Life, Arif Habib Securities and PSO, which tended higher by Rs9.75 to 19.15, largest rise being in PSO.

Pakistan Services and JS Global led the list of prominent losers, off by Rs18 and 21.15, respectively. They were followed by MCB, Pakistan Tobacco, KSB Pumps, HinoPak, Siemens Pakistan, ICI Pakistan, Engro Chemical, National Foods, AKD Capital, and Sanofi-Aventis, which fell by Rs4 to 11.55.

Trading volume fell to 291m shares from the previous 465m as losers again held a modest lead over the gainers at 187 to 167, with 39 shares holding on to the last levels.

OGDC again topped the list of actives, off 90 paisa at Rs122.75 on 25m shares followed by D.G.Khan Cement, easy by 15 paisa at Rs114.30 on 17m shares, Askari Bank, lower 65 paisa at Rs101 on 15m shares, National Bank, easy by 35 paisa at Rs264.45 on 14m shares, Lucky Cement, steady 25 paisa at Rs112.05 on 9m shares, Hub-Power, up 20 paisa at Rs37.40 on 9m shares and Bank of Punjab, off Rs1.05 at Rs112.75 also on 9m shares.

Other actives were led by Nishat Mills, higher by Rs3.70 on 13m shares, Bosicor Pakistan, up 45 paisa on 10m shares, and Fauji Fertiliser, up Rs3.30 on 9m shares.

FORWARD COUNTER: PSO led the list of actives on this counter, sharply higher by Rs19.05 at Rs400.05 on privatisation news followed by D.G.Khan Cement, steady by 15 paisa at Rs114.80 on 7m shares, OGDC, lower by 80 paisa at Rs121.60 on 5m shares and Engro Chemical, off Rs4.60 at Rs245 on 5m shares.