KARACHI, June 25: Stocks on Friday failed to extend the overnight run-up as follow-up support turned shy owing to weekend considerations but selling was well-absorbed at the dips.

Late selling in PTCL and OGDC, which together hold a weightage of over 50 per cent, and a good bit of profit-selling in the cement and energy shares again pushed the market into the minus column.

Earlier rising by 50 points, the KSE 100-share index posted a fresh fall of 45.33 points at 5,1705.69 as compared to 5,151.02. The market capital also shed Rs11.096bn at Rs1,375.633bn.

With broker's doubts about the collection of Capital Value Tax (CVT) fully cleared by the CBR, now is the turn of the bulls to avenge the bears who cashed in on the negative news during the last couple of sessions.

Brokers said the market seems to have been weighed down by the weekend selling as far as broader outlook is concerned it could witness a strong technical rebound during the next week alone on technical grounds.

"The market may not set new records in the weeks to come but could perform credibly well as the post-budget buying euphoria is still to manifest itself aided by corporate incentives in fiscal measures," says a leading stock analyst.

Most of the leading shares including PTCL, National Bank, MCB, DG Khan Cement, PSO and blue chips on the other counters came in for active selling during the afternoon session and finished modestly lower at the fag-end of the session.

"The market has lost about 500 points during the current sell-off and is in a highly oversold position," analysts said. "It could attract any amount of fresh short-covering at the current lower levels in the coming sessions."

"Sans negative fallout of the rumoured political changes at the top, which could work against the underlying sentiment, basic economic factors are positive and could take the market to its pre-reaction levels in the sessions to come," some others predict.

Floor brokers said the approval of Initial Public Offer (IPO) of Pakistan Petroleum for the sale of 15 per cent shares including a green shoe option of five per cent has evoked a good interest among the investors as some of them made active short- covering in the energy sector hoping a sympathetic rise in their share values.

Although selling price of the Pakistan Petroleum is not fixed, brokers think it would be around Rs40 to Rs43 per share.

Although minus signs dominated the list, some of the leading shares managed to finish with fresh sharp gains on active follow-up support, leading among them being Haroon Oils, EFU Life Insurance and Arif Habib Securities, which posted gains ranging from Rs7.85 to Rs12.10, the largest rise of Rs45.75 being in Arif Habib.

Other good gains included Pakistan Refinery, Al-Ghazi Tractors, Abbott Lab, Tri-Pack Films, Indus Dyeing and Security Papers, up by Rs3 to Rs6.10.

Losers were led by Rafhan Maize and Wyeth Pakistan, which suffered sharp fall ranging from Rs28.30 to Rs69.95 followed by Javed Omer, Attock Refinery, National Refinery, Pakistan Services, HinoPak Motors, Unilever Pakistan and Gatron Industries, off by Rs3 to Rs13.75.

Trading volume fell to 238m shares from the previous 279m shares as losers forced a strong lead over the gainers during the afternoon session as weakholders and jobbers took profits but there was no dearth of buyers at the dips.

Losers topped gainers at 215 to 124, with 35 shares holding on to the last levels.

The OGDC led the list of actives, off 80 paisa at Rs61.65 on 18m shares followed by PTCL, lower 45 paisa at Rs41.60 on 14m shares, DG Khan Cement, off Rs1.35 at Rs55.55 on 13m shares, TRG Pakistan (right), steady by 10 paisa at Rs7 also on 12m shares, FF Bin Qasim Fertilizer, firm by 10 paisa at Rs18.35 also on 12m shares.

Other actives were led by Lucky Cement, lower 65 paisa on 12m shares, TRG Pakistan, up 80 paisa on 11m shares, MCB, off 95 paisa on 10m shares, National Bank, lower 85 paisa on 9m shares, Dewan Salman, up 45 paisa also on 9m shares.

FORWARD COUNTER: Speculative issues also came in for active selling and fell under the lead of PTCL, off 45 paisa at Rs41.55 on 8m shares but on the other hand Bank Alfalah, which has been under pressure recovered 60 paisa at Rs53.90 on 11m shares.