KARACHI, March 9: Stocks on Tuesday took a technical pause as some of the leading shares ran into profit-selling at the inflated levels but the underlying sentiment remained uppishly inclined followed by active support at the dips. The KSE 100-share index fell by 7.88 points but stayed firm above the barrier of 4,900 points.

In an overbought market investors do roll positions from one counter to the other in an apparent effort to realize available capital gains after taking profits at the higher levels. Reports of violence in some parts of the city as a protest against the murder of an MPA of a political party also prompted selling by some of the weakholders.

However, there was nothing to suggest that the current run-up is overdone as was reflected by ready absorption of all the sale offers both at the rise and the fall.

The opening was fairly promising in the backdrop of renewed buying in the cement shares followed by reports of an increase in production quota and prices at the retail selling outlets, although the producers' cartel denied any increase.

Active short-covering in fertilizer shares along with cement scrips played a balancing role and did not allow the market to fall below its currently established higher levels.

The KSE 100-share index, therefore, earlier in the session hit its new career-best level of 4,940.00 before reacting to finish with a modest fall of 7.88 points at 4,909.99 as compared to 4,917.87 a day earlier.

The market is passing through a consolidation phase before its sustained onward thrust to the index level of 5,000, possibly during the current month on the strength of upcoming corporate announcements by some of the leading shares including Al-Ghazi Tractors whose board is meeting on March 16.

"I am visualizing the post-5,000 index market scenario," says a leading stock analyst "what next is a big question being currently debated among the leading market players but no precise answer".

But indications are that the market has all the good news both on the corporate and economic front to give it further boost backed, of course, by improving political relations with India followed by opening of new trade outlets.

The interesting feature was that the same set of punters who earlier took profits at the inflated levels covered positions later at the dips never allowing the market to show signs of overbought position.

Prominent gainers were led by Ahmed Hassan Textiles, PSO, Shell Pakistan, Atlas Battery, Aventis, Clariant Pakistan, Dream world and Central Insurance, which posted gains ranging from Rs3 to Rs6.

Losers were led by Dawood Hercules, which came in for active selling at the higher levels ahead of its board meeting (March 9), off Rs10.55 followed by Adamjee Insurance, Crescent Steel, International Industries, Packages, Nestle Milk Pak, Pak-Suzuki Motors and Grays of Cambridge, off Rs2.60 to Rs5.

Trading volume fell to 265m shares from the previous 333m shares as losers forced a modest edge over the gainers at 193 to 189, with 48 shares holding on to the last levels.

The most active list was topped by ICP SEMF, higher by Rs1.60 at Rs52.10 on 32m shares followed by OGDC, lower by 70 paisa at Rs52.50 also on 32m shares, D.G.Khan Cement, up by 50 paisa at Rs47.90 on 21m shares, Saadi Cement, higher 50 paisa at Rs8.10 on 15m shares and PTCL, easy 10 paisa at Rs39.75 also on 15m shares.

PIAC led the other actives, off 25 paisa on 13m shares, Maple Leaf Cement, up by 50 paisa also on 13m shares, Dewan Salman, lower 15 paisa on 10m shares, Bosicor Pakistan, up by 50 paisa also on 10m shares and Fauji Cement, firm by five paisa on 9m shares.

FORWARD COUNTER: PSO came in for active support at the lower levels followed by rumours about its final bidding date, up by Rs2.90 at Rs287.30 on 8m shares, followed by PTCL, easy five paisa at Rs39.85 on 2m shares and FF Bin Qasim, easy 10 paisa at Rs19.70 on 2m shares.