KARACHI, June 21: Stocks on Thursday reacted from the overnight higher levels as follow-up support turned shy owing to delay in PSO bidding and rumours of dissolution of assemblies leading to snap elections. The KSE 100-share index shed about 11 points at 13,546.00.But selective support on a number of counters including cement and low-priced shares figured prominently, which limited the market decline. However, steep increase in the turnover to over 400m shares reflected strong buying at dips on those counters which ensure higher capital gains.

The opening was, however, on the higher side on active follow-up support on selected counters as the KSE 100-share index soared well above the barrier of 13,600 points at 13,611.00 but late-selling triggered by some adverse news pushed it down to session’s low of 13,506.00, though buying at the dips allowed it close with a modest fall of 10.93 points at 13,545.80.

But its failure to sustain the level of above 13,600 for the fourth time has raised many questions as leading bulls are still eyeing the 14,000-level.

The free-float 30-share index also followed its lead and was marked down by 19.44 points at 16,878.35 points.

Analysts said the investor apprehensions over the delay in PSO sell-off was the chief destabilising factor behind the market slowdown as the deadline set by the government to sell the largest oil marketing company was not met. Its share value fell by Rs11 at Rs405 on million shares.

Reports of some financial irregularities in the accounts of the Bank of Punjab followed by panic-selling in its share halted the market’s upward drive, they said, adding “its share value fell by Rs3.55 at Rs114 on large volume of 38m shares”.

But later its management denied the report which boosted its share value from the session’s low of Rs111.70 to close at Rs114.

“The developing situation on the political front in the backdrop of judicial crisis and rumours of snap national elections also worried investors, notably the foreign ones,” said a leading analyst, adding “investors think twice for going fresh buying in a state of political uncertainty”.

JS & Co and Siemens Pakistan were leading among the gainers, up by Rs19.45 and Rs46.50, followed by Adamjee Insurance, Gatron Industries, Pakistan Resource Co, Atlas Battery, Atlas Honda, Berger Paints, Sitara Chemicals and Bata Pakistan, higher by Rs5.40 to Rs13.

Leading losers were led by Colgate Pakistan and Wyeth Pakistan, off by Rs20 and Rs77.60 respectively. Atlas Insurance, EFU General, Lakson Tobacco, Mirpurkhas Sugar, HinoPak Motors, Packages and Sanofi-Aventis also fell by Rs5 to Rs17.

Trading volume soared to well above the coveted figure of 400m shares at 410m shares and the interesting feature was that it was judiciously shared by all the actives.

Out of the 405 actives, 187 shares tended lower, while 176 rose with 42 holding on to the last levels.

Apart from Bank of Punjab, the most active list was topped by D.G. Khan Cement, up by Rs1.80 at Rs116.40 on 28m shares, followed by Fauji Fertiliser Bin Qasim, firm by 65 paisa at Rs38.40 on 26m shares, Lucky Cement, sharply higher by Rs5.75 at Rs126.75 on 22m shares, PICIC, up by Rs2.85 at Rs84 on 18m shares, WorldCall Telecom, steady by 55 paisa at Rs18.35 also on 18m shares and BankIslami, higher by Re1 at Rs14.55 on 11m shares.

Other actives were led by TRG Pakistan, easy by 30 paisa on 14m shares, Fauji Cement, unchanged on 12m shares and Maple Leaf Cement, up by 75 paisa also on 12m shares.

FORWARD COUNTER: Lucky Cement also came in for strong support on the cleared list on reports of higher earnings, up by Rs5.20 at Rs126.85 on 16m shares followed by Bank of Punjab, off Rs3.80 at Rs113.70 on 11m shares and D.G. Khan Cement, up by Rs1.65 at Rs116.85 also on 11m shares.