KARACHI, Dec 16: Stocks on Thursday turned mixed as some of the leading shares came in for active profit-selling at the inflated levels and finished modestly reacted.

The opening was, however, on the higher side because of active buying in the oil marketing companies' shares on the perception of higher profits and dividend but late-selling in some of the pivotals allowed the market to end with clipped gains.

The early run-up boosted by heavy buying in the energy sector followed by increase in petroleum prices as a section of leading punters took profits at the inflated levels.

After early rising by 27 points aided by sharp gains in the shares of OMCs, touching the day's peak level at 5,852.50, the KSE 100-share index finished the session with a fractional rise of 3.59 points at 5,827.84 points.

The psychological barrier of 5,800 points was steadily held as a takeoff point for its next target of 5,900. However, analysts are not inclined to take bearish view of the market at least for the near-term and predict it will resume its upturn after going through its technical formalities.

Prime Minister Shaukat Aziz's China visit and signing of a number of deals to boost trade and industry could lead to tapping of new avenues of cooperation in addition to oil and other sectors, which may aid the market to go further up after it meets technical demands in due course, they said.

"No one could deny the fact that the market is in a highly overbought position both in terms of massive investment and turnover figure and could upset the current trading pattern if the float from the badla market assumes an alarming proportions", analysts said adding "presence of strong institutional support coupled with year-end portfolios may not allow major change in the market outlook".

Already, selling is trickling in from the carryover market but in an orderly way and is being absorbed at dips and that is why the market is keeping a steady posture. Cement shares came in for active support under the lead of undervalued shares on reports that sales tax on the commodity is being cut.

Banking and fertilizer shares also rose amid active trading. Some of the leading textiles shares also rose sharply higher on hopes of higher dividend. Wyeth Pakistan topped the list of gainers, up by Rs80 followed by AKD Securities, Nestle MilkPak, Island Textiles, Bhanero Textiles, Rafhan Maize, Javed Omer and International Industries, which posted gains ranging from Rs8.30 to Rs24.40 owing to shortage of floating stock.

Quetta Textiles, Shell Pakistan, Clover Pakistan, Din Textiles, Faisal Spinning, Associated Industries and Arif Habib Securities also showed good gains ranging from Rs3.50 to Rs5.10.

Losers included Siemens Pakistan, Lakson Tobacco, Gul Ahmed Textiles, EFU Life, National Refinery, Berger Paints, Clariant Pakistan, and Atlas Honda, off Rs3 to Rs6.25.

Trading volume was maintained on the higher side at 515m shares but losers forced strong lead over the gainers at 225 to 178, with 49 shares holding on to the last levels.

Fauji Fertilizer Bin Qasim topped the list of most actives, up by 20 paisa on a massive activity of 103m shares followed by Fauji Cement, higher by 75 paisa at Rs15.75 on 45m shares, MCB, up by 75 paisa at Rs55.10 on 30m shares, Hub-Power, lower 15 paisa at Rs32.45 on 24m shares and National Bank, higher 65 paisa at Rs76.70 on 23m shares.

D.G. Khan Cement came in for active selling and fell by 95 paisa on 22m shares, OGDC, steady five paisa on 21m shares, PTCL, lower 25 paisa on 19m shares, Engro Chemical, sharply higher by Rs3.45 on 18m shares and PICIC Growth Fund, up by 25 paisa on 16m shares.

FORWARD COUNTER: Fauji Fertilizer Bin Qasim also came in for strong support and rose by 10 paisa on 35m shares followed by PPL, higher by 95 paisa at Rs125.70 on 25m shares, OGDC, firm 10 paisa at Rs66.75 on 7m shares.