KARACHI, Aug 31: The recent upward drive on the stock market was halted on Friday as leading shares ran into weekend selling at the inflated levels but there were buyers at the dips who limited the decline. The KSE 100-share index shed 152 points at 12,214.26 after a sustained run-up of over 400 points.

There were divergent opinions about the likely negative impact of the arrival of Sharifs brothers on the share business but what worried investors was the perception that heating up of political scenario could work both sides of the market.

Although dividend announcements over the week were well above the analysts predictions and they did create sensation here and there but the market was generally guided by the changing political background news, notably “deal or no” and the impact of arrival of Sharifs brothers on the share market.

In a falling market, MCB, however, remained under foreign squeeze and was quoted further higher by Rs.4.10 at Rs.311.40, making total gain over the week of Rs45.

After having risen early by well over 60 points on spillover demand from Thursday, the KSE 100-share index finally finished with a sharp loss of 151.68 points or 1.2 per cent at 12,214.26 as compared to 12,365.94 a day earlier as some of the leading base shares came in for active profit-selling under the lead of National Bank and OGDC.

It has risen by well over 400 points or 4 per cent during the last couple of sessions and needs correction on technical grounds also, said a broker but the important thing is that it managed to sustain most of the gains netted during the week.

The underlying sentiment, however, remained uppishly inclined despite conflicting reports about the power sharing deal between President Musharraf and Benazir Bhutto adding to the prevailing uncertainty, which has shown signs of easing during the last couple of sessions.

“But most investors are unclear about the likely impact of arrival of Sharifs brothers on Sept 10 on the prevailing political atmosphere and official reaction to the new element in politics,” analysts said.

The general perception is, however, that there could be a political turmoil but no one could precisely say about its duration and its impact on the stock market, they said.

Among the top gainers, Fateh Textiles and JS & Co were leading, up Rs26 and 38.10. Other notable gainers were led by Javed Omer, Sitara Chemicals, Pakistan Engineering, National Foods, JS Global and Pakistan Services, up by Rs7.25 to 23.

The losers were again led by Lakson Tobacco and Siemens Pakistan, off by Rs19.50 and 23. They were followed by Pakistan Petroleum, Pakistan Oilfields, Pakistan Resource Co, EFU Life, IGI, Mari Gas, and Sanofi-Aventis , which suffered fall ranging from Rs7.50 to 14.95.

Trading volume showed a modest rise at 206m shares as compared to 193m shares but losers forced a strong lead over the gainers at 177 to 98, with 32 shares holding on to the last levels.

Bank AlFalah topped the list of actives, lower by 30 paisa at Rs45 on 19m shares followed by OGDC, off Rs2 at Rs105.90 on 13m shares, National Bank, easy by Rs6.40 at Rs230 on 11m shares, Lucky Cement, off Rs4.20 at Rs110.15 on 9m shares, MCB, higher by Rs4.10 at Rs311.50 also on 9m shares, Adamjee Insurance, higher by 9.80 at Rs285.80 on 8m shares and D.G.Khan Cement, lower by Rs3 at Rs93 on 7m shares.

Other actives were led by WorldCall Telecom, firm by 70 paisa on 11m shares, followed by Arif Habib Securities, off Rs3.40 on 8m shares and Fauji Fertiliser Bin Qasim, easy by Rs1.35 also on 8m shares.

FORWARD COUNTER: Lucky Cement also came in for active selling on the cleared list and was marked down by Rs5.19 at Rs110.31 on 8m shares followed by National Bank, off Rs7.53 at Rs230.72 also on 8m shares and OGDC, lower by 2.30 at Rs103.10 on 6m shares.MCB on the other hand maintained its upward drive and was fractionally higher by 29 paisa at Rs304.52 on 6m shares and Bank AlFalah, lower by 46 paisa at Rs45.25 on 4m shares.