KARACHI, March 7: The post-MTS launch session on Monday finished on an easy note as a section of leading investors took profits at the inflated levels on the blue chip counter in an overbought market.

The reaction was, however, mild and reflected consolidation of major gains netted last week but in no way reflected the return of the bears despite the fact that news both from the financial and political front were not that positive.

The KSE 100-share index suffered a modest pruning of 25.48 points at 11,974.55 after having passed through wild either way movement of 256 points reflecting a tussle between the giants to tilt price balance in their respective favour.

National Bank, Pakistan Oilfields, Bata Pakistan, Nishat Mills and some leading oil shares led the market retreat amid alternate bouts of buying and selling.

“The market witnessed a massive tug of war between the local financial groups,” observed analyst Hasnain Asghar Ali.

“Some of them supported bulls on the perceptions of availability of leverage and foreign support and its positive impact on blue chips but on the other hand financial institutions were among the prominent sellers,” he added.

He said both the groups were divided over the direction of the market and warned that volatility could well be the hallmark and investors should play safe.

Analyst Ahsan Mehanti fears the heating up of political scene in the Sindh coalition government after the MQM’s decision to quit and boycott sessions of both the provincial and the national assemblies as a protest against the remarks of the Sindh interior minister.

But the reaction was modest and more than one ways reflected that bulls would be back and make the post-MTS sessions a real success story on the expected return of the leading foreign investors, he hoped.

“The future market would move within its technical demands but one thing is clear that leverage facility when fully operative could tilt the balance in favour of the bulls at the current lower levels,” predicts stock analyst Samar Iqbal.

Prominent gainers were led by Rafhan Maize and Unilever Pakistan, up by Rs25.78 and Rs13.34 followed by Nestle Pakistan, Atlas Battery, Sanofi-Aventis, MCB Bank and Shell Pakistan, which posted gains ranging from Rs4.08 to Rs5.41.

Major losers were Wyeth Pakistan and Bata Pakistan, off Rs40.59 and Rs15.06. PSO, National Refinery, Dawood Hercules and HinoPak followed them, off by Rs4.30 to Rs6.40.

Traded volume suffered a sharp contraction at 116.942m shares from the previous 188m shares as losers held a modest lead over the gainers at 162 to 121, with 85 shares holding onto the last levels.

The active list was topped by Lotte Pakistan, lower by 41 paisa at Rs15.57 on 18m shares followed by Fauji Fertiliser Bin Qasim, up 42 paisa at Rs43.11 on 10m shares, JS Bank, steady by seven paisa at Rs3.10 on 7m shares, National Bank, off by Rs1.41 at Rs79.16 on 6m shares, Sui Southern Gas, steady by 13 paisa at Rs25.41 on 5m shares, Pace Pakistan, easy by three paisa at Rs2.83 also on 5m shares and Arif Habib Corpn, steady by one paisa at Rs21.67 on 4m shares.

Other actives were led by Nishat Mills, off Rs1.55 at Rs64.30 on 4m shares, JS & Co, lower 43 paisa at Rs9.32 also on 4m shares and Azgard Nine, easy y 28 paisa at Rs9.25 on 4m shares.

FUTURE CONTRACTS: National Bank led the list of actives on this counter, off Rs1.48 at Rs79.42 on 1.246m shares followed by Pakistan Oilfields, lower Rs3.22 at Rs318.64 on 0.830m shares.

DEFAULTER COMPANIES: The active list was topped by Zahoor Cotton, lower 20 paisa at Rs0.25 on 0.104m shares followed by Japan Power, easy by 18 paisa at Rs1.44 on 77,923 shares and Ravi Textiles, off 14 paisa at Rs1.01 on 77,400 shares.

But on the other hand Kohat Textiles came in for stray support and rose by 20 paisa at Rs1.20 on 14,700 shares and so did Data Textiles, up 19 paisa at Rs0.40 on 10,000 shares.