KARACHI, Feb 19: Active selling in some of the market leaders, notably PTCL and PSO on Thursday slowed down the overnight run-up on stock market but instances of buying at the falling prices were not wanting. The KSE 100-share index ended with a modest decline of about six points at 4,893.64 after crossing the barrier of 4,900.

Positive outcome of Indo-Pakistan Islamabad peace talks, however, failed to generate fresh buying as follow-up support turned shy in the absence of leading institutional traders.

The opening was fairly promising in the backdrop of positive final round of talks with the visiting Indian delegation and an accord on future agenda as the KSE 100-share index early rose to hit the day's peak level of 4,932.

But late selling in some of the leading base shares including PTCL, pushed it down to finish modestly lower at 4,893.64 as compared to 4,899.58 a day earlier off 5.94 points. However, there was nothing wrong with the underlying sentiment or the performance of the broader market as most of the pivotals remained in active demand including the auto shares, which had received massive battering on the permission to allow imports of old and reconditioned cars.

While the buying euphoria generated in the PTCL after the visiting SingTel delegation's meeting with the president and a loud whispering of its planned sell-off faded as the rumours failed to get currency.

The PSO came in for renewed speculative short-covering amid market talk of an imminent announcement of its final bidding date. "The market has turned in a highly volatile price movements all through the current week as the tussle between the bulls and bears continued about the sustainable index level," analysts said.

Bulls appear to be allout to push it above the index level of 5,000 but bears halt any rise above the 4,900 points and apparently for good reasons too, they said.

They are basing their future buying strategy on the higher dividend announcements and their positive impact on their ruling prices and the consequent capital gains, they added.

Bears seem to be awaiting the entry of the OGDC in the 100-share index and its impact on the overall weightage. Having the largest market capital of about Rs43, it could well prove a trend setter just on the pattern of Hub Power and PTCL after its inclusion.

Plus signs managed to maintain a modest edge over the losing ones under the lead of Lakson Tobacco, which came out with a below market expectations interim of 20 per cent, rising by Rs7.40. Bank al-Habib followed it, up Rs3.70 at Rs53.15 after the announcement of cash dividend of 10 per cent plus bonus shares of 25 per cent.

Other good gainers were led by Metropolitan Bank, Colgate Pakistan, Pak-Suzuki Motors, Pakistan Cables and Fateh Textiles, up by Rs3.25 to Rs6.80. Losers were led by Millat Tractors, Siemens Pakistan and Nestle MilkPak, off Rs9.90, Rs19.90 and Rs23.45 respectively. Javed Omer, Dreamworld, Attock Refinery, Atlas Honda, Pakistan Refinery, PSO and some other posted fall ranging from Rs3 to Rs5.40.

Trading volume showed further expansion at 393m shares from the previous 312m shares as gainers maintained a modest edge over the losers at 177 to 166 with 61 shares holding on to the last levels.

PIAC topped the list of most actives on active support followed by perceptions of higher earning after the additions of Boeing in its fleet, up Rs1.30 at Rs24.90 on 82m shares followed by PTCL, easy 25 paisa at Rs39.80 on 73m shares, Dewan Salman, higher by 30 paisa at Rs25.85 on 37m shares, PSO off Rs3.70 at Rs288 on 19m shares and OGDC, lower 25 paisa at Rs52 on 16m shares.

Other actives were led by Sui Southern Gas, easy 15 paisa on 15m shares, DG Khan Cement, off Rs1.20 on 14m shares, Hub-Power, steady five paisa also on 14m shares, Sui Northern Gas, firm five paisa on 12m shares and Pakistan Oilfields, off Rs2 on 9m shares.

FORWARD COUNTER: PSO also came in for active selling in sympathy with its ready counter and fell by Rs3.90 at Rs287.90 on 7m shares followed by PTCL, lower 20 paisa at Rs39.80 on 6m shares, Dewan Salman, up 20 paisa at Rs25.60 on 5m shares, hub-Power, firm by five paisa at Rs39.35 on 4m shares and FF Bin Qasim, easy 15 paisa at Rs20.40 on 3m shares.