KARACHI, May 27: Stocks on Thursday failed to extend the overnight run-up and turned mixed as the leading market trend-setters ran into profit-selling at the inflated levels. The KSE 100-share index shed 6.08 points at 5,476.83.

All roads again led to cement and textile sectors as investors continued to build up long positions in them even at higher levels. But unlike the previous sessions most of the gains were in paisa in the former, while leading among the latter sharply.

Larger decline was, however, averted thanks to strong support on selective counters aided by reports of higher dividend announcements by some of the leading textile companies.

As was expected there was no immediate bullish impact on the stock trading after the finance minister's pre-budget meeting with the KSE high-ups as perhaps he did not give any cue to the fiscal steps, although he patiently heard the view point of the other side.

The pre-budget meeting of a finance minister with the stock traders generally leads to some "budgetary leaks", but there was none on which bulls could build up pre-budget rally, says a leading broker.

After moving either-way, under the cross-current of alternate bouts of buying and selling, the KSE 100-share index finally finished with a modest decline of 6.08 points at 5,476.83 as compared to 5,482.90 a day earlier. It touched the lowest and the highest at 54.60.85 and 5,488.78, respectively.

There was nothing wrong with the broader market, which was boosted further higher on the strength of the cement sector, some of the leading index shares remained under pressure, having a negative impact on the final closing of the index.

"The market witnessed a major shift in the buying strategy of some big investors who are now concentrating on textile and cement shares after unloading in part from the overvalued and current favourites," analysts said.

Both the sectors claimed to have higher earnings during the last financial year and are expected to declare enhanced dividend during the next couple of sessions, they said.

Plus signs dominated the list, major gainers among them being Aventis and Shell Gas, which rose by Rs16 and Rs29.50 followed by Dewan Textiles, Blessed Textiles, Gul Ahmed, Gadoon, Sapphire Textiles, Haroon Oils, Mari Gas, BOC Pakistan, Zulfiqar Industries, Pak Elektron and Sitara Chemical, up by Rs4 to Rs6.90.

Losses on the other hand were fractional barring Gatron Industries and Al-Ghazi Tractors, off Rs8.15 and Rs8.90, respectively. Other leading losers were led by Attock Refinery, Ghani Glass, Bata Pakistan and Colgate Pakistan, off Rs2 to Rs4.20.

Trading volume fell to 459m shares from the previous 509m shares, but the advancing shares maintained a modest lead over the losing ones at 216 to 189, with 46 shares holding on to the last levels.

Fauji Cement again topped the list of most actives, up 55 paisa at Rs18.40 on 96m shares followed by Maple Leaf Cement, higher by 95 paisa at Rs46.10 on 53m shares, D.G. Khan Cement, firm by 85 paisa at Rs63.50 on 48m shares, Saadi Cement, steady by 65 paisa at Rs16.55 on 37m shares, Lucky Cement, up 40 paisa at Rs44 on 35m shares, Hub-Power, lower 35 paisa at Rs34 on 15m shares and PTCL, unchanged at Rs43.35 also on 15m shares.

Other actives were led by Sui Northern Gas, unchanged on 11m shares, Pakland Cement, up Rs1.95 on 9m shares and MCB, easy 55 paisa also on 9m shares.

FORWARD COUNTER: Bank Alfalah, came in for renewed selling and was marked down by 15 paisa at Rs66.25 on 3.328m shares followed by PTCL, lower eight paisa at Rs43.27 on 3.187m shares, Hub-Power, off 39 paisa at Rs33.95 on 2m shares and F.F. Bin Qasim, lower 24 paisa at Rs19.90 on 1m shares.