KARACHI, Jan 5: The KSE 100-share index on Wednesday suffered modest pruning on profit-selling in some leading base shares at the fag-end of the session but the underlying sentiment remained uppishly inclined.

The fact that bears failed to make deeper inroads into the near-secure domain of bulls despite heavy selling in some of the pivotals tells the market's upward thrust will continue in the coming weeks also.

After having confidently breached through the barrier of 6,300 in early trading on heavy buying in most of the pivotals under the lead of PTCL, the KSE 100-share index touched the session's peak level at 6,357, signalling that sky could be the limit. But late-selling in OGDC, PTCL, and some others pushed it down to close at 6,285.68, off 12.02 points as compared to Tuesday's 6,297.70.

PTCL, OGDC, PSO and Pakistan Oilfields having more than 50 per cent weightage in the KSE 100-share index remained the investor target as all of them have the potential to rise further and are still far way from their saturation points. All are ruling well below their career-best levels and could climb further on the strength of corporate earnings and higher dividend.

Textile shares have also joined the race and for good reasons too as a bumper cotton crop and cheaper prices could significantly increase their profits for the current and the next year, brokers said.

"Despite presence of foreign buying on selected counters, notably PTCL, the talk of a massive sell-off now appears a remote possibility", they said adding "the market is in the tight grip of bulls and speculative forces and both may not allow it fall below the current peak levels".

New year's lending from the banks is making deeper inroads in the share business and until the bank bosses opt for profit-taking the market will continue to attain new peak levels, they said.

However, the time is not far off when investors will opt for low-priced shares, notably which ensure higher capital gains and stood on sound financial footings, some others said. "Buying strategy could change to move out of the danger zone if the market takes an overdue dive".

Analysts' prediction about a massive technical correction in the backdrop of higher badla volume and investment proved incorrect as bulls were not inclined to have a second thought on their new year portfolio building at the terribly higher levels.

Plus signs dominated the list under the lead of National Foods, PSO, Shell Pakistan, AKD Securities, Island Textiles, Bhanero Textiles and Wyeth Pakistan, which posted gains ranging from Rs11.75 to Rs49.

Other notable gainers included Arif Habib Securities, Gul Textiles, Faisal Spinning, Clariant Pakistan and Murree Brewery, up by Rs5 to Rs9.95. Losers were led by Lakson Tobacco, Mitchell's Farm Fruits, Pakistan Engineering, Gatron Industries and Atlas Honda, off Rs3.55 to Rs7.

Owing to late-selling in the current favourites, trading volume soared to 736m shares from the previous 612m shares as gainers maintained a strong lead over the losers at 231 to 178, with 43 shares holding on to the last levels.

The most active list was topped by Fauji Fertilizer Bin Qasim, up by 25 paisa at Rs30.55 on 93m shares followed by PTCL, lower 25 paisa at Rs45.60 on 91m shares, PSO, sharply higher by Rs13.55 at Rs303.25 on 65m shares, OGDC easy 30 paisa at Rs74.20 on 63m shares and PICIC Growth Fund, higher by Rs1.75 at Rs55.80 on 48m shares.

Other actives were led by Lucky Cement, lower 60 paisa on 42m shares, Pakistan Oilfields, off Rs1.25 on 36m shares, Japan Power, up by 75 paisa on 30m shares, Nishat Mills, higher by Rs1.40 on 23m shares and D.G. Khan Cement, easy 70 paisa on 22m shares.

FORWARD COUNTER: PPL came in for strong support at the lower levels and rose by 65 paisa at Rs143.95 on 47m shares followed by Fauji Fertilizer Bin Qasim, firm by 20 paisa at Rs30.90 on 14m shares, PTCL, unchanged at Rs46.00 also on 14m shares.