KARACHI, Dec 10: The bull-run on the stock market was halted on Friday as stocks finished the weekend session on an easy note followed by active profit-selling by investors at the inflated levels in a terribly overbought market.

Volume figure expanded to 580m shares, a half of the previous single-session record of over a billion shares, Sui Northern Gas being the top scorer at 117m shares.

It could well be the beginning of a long-overdue technical correction but whether or not it could extend itself further during the next week is unclear. However, the general perception is that the market needs further correction.

The KSE 100-share index posted a fall of 37.67 points at 5,700.82 as compared to 5,738.49 a day earlier. At one stage it rose to day's peak level of 5,774.00, signalling that its next target is of 5,800 points. But the fact that it managed to finish above the 5,700 level reflects that the current run-up is not overdone and leading punters have already readjusted their portfolios to make fresh buying at the lower rates.

Analysts said there is no denying the fact that some of the basic ground realities have undergone a significant change after the president's US visit but the market has to operate within its own technical demands.

"The technical correction was overdue and it was speculated the weekend session could witness a lot of unloading on the overvalued counters but instead it saw the extension of the run-up", they said.

"Leading bulls and speculative forces in unison are trying to cash in on the positive side of President Bush's remarks about Musharraf's support against his war against terrorism", some others said "technically, the situation is fraught with high risks".

Reports that IPO of Kapco, a mega power project, is to be held during the current month to dis invest state stake of another 20 per cent was another aiding factor as section of investors tried to be ready to invest in it.

According to market sources its stock is being offered around Rs32-Rs35 per share in a lot of 500 shares. Kapco share is expected to be well-received in the market on the pattern of OGDC and PPL, one of the recently floated state-owned oil shares, which were massively oversubscribed, brokers said.

Floor brokers said although instances of profit-selling were witnessed on a number of counters during the afternoon session and some blue chips fell below their best levels but bulls appear to be in no mood to loosen their grip on the current price line.

Both the investment and the volume on the carryover market are at record level and how investors tackle this phenomenon without losing grip on the bull market is anybody's guess but most ruled out the possibility of any big shakeout at this stage.

Textile shares remained in strong demand on reports of higher sales and so did fertilizer sector on reports of ban on imports of urea, while energy and cement shares continued to inspire fresh support though in patches, notably where the floating stock is available.

Although minus signs dominated the list of actives, but some of the leading shares managed to finish with fresh sharp gains, major gainers among them being Island Textiles, Bhanero Textiles, Grays of Cambridge and Wyeth Pakistan, up by Rs11 to Rs34.

Other good gainers were led by Umer Fabrics, Babari Cotton, Faisal Spinning, Janan Demaulocho and Atlas Honda, which posted gains ranging from Rs4.45 to Rs7.25. Prominent losers included Unilever Pakistan, Siemens Pakistan, and Lakson Tobacco, off Rs10 to Rs13 followed by Arif Habib Securities, Artistic Denim, Shell Pakistan, Pakistan Cables, Ferozsons Lab, Javed Omer and Thal, off Rs3.75 to Rs5.50.

Trading volume rose to 580.397mm shares but losers forced a strong lead over the gainers at 224 to 139, with 50 shares holding on to the last levels. The most active list was topped by Sui Northern Gas, up by 50 paisa at Rs59.40 on a massive activity of 117m shares followed by Nishat Mills, higher by Rs3.45 at Rs66.30, Hub-Power, lower 10 paisa at Rs32.40 on 65m shares, National Bank, firm by 30 paisa at Rs74.55 on 35m shares, MCB, off Rs1.75 at Rs53.25 on 34m shares.

Other actives were led by Fauji Fertilizer Bin Qasim, lower 20 paisa on 25m shares, PTCL, off 60 paisa on 23m shares, D.G. Khan Cement, lower Rs1.30 on 22m shares, PICIC Growth Fund, off Rs1.05 on 18m shares, and PSO, easy Rs2.15 on 14m shares.

FORWARD COUNTER: Nishat Mills remained in strong demand for the third session in a row and finished with fresh smart rise of Rs3.90 at Rs64.60 on 14m shares. It has risen by Rs15 during the last three sessions.