KARACHI, Dec 12: The stock market on Monday resumed trading on a steady note on active follow-up support aided by reports of higher year-end earnings, but instances of profit-taking at the inflated levels were not wanting.

“It appears to be the extension of the weekend rally on renewed short-covering on blue chip counters, some analysts said and added “the general perception is that year-end buying could keep the market in a good shape, despite showdown with the US on some national issues.”

The KSE 100-share index ended with an extended gain of 12.51 points at 11,477.125 as compared to 11,464.61 at the last weekend as some of the leading base shares managed to finish with fresh gains.

An idea of firm opening may well be had that early it rose to 11,608.18, up about 144 points as compared to previous close by late selling in the leading base shares in the oil sector pushed it sharply lower, and it added only 12.51 points to the previous total.The base shares, which kept the benchmark in a good shape despite late selling in some of the pivotals included fertiliser and banks shares under the lead of Fauji Fertiliser, Attock Petroleum, and OGDC.

“Investors appear to be in the process of evaluating the possible negative or positive impact of blockade of oil supplies to the Nato forces in Afghanistan and likely impact on the local prices if it found its way in local supply network at some stage,” asks a leading stock analyst Ahsan Mehanti.

And to it is highly volatile rupee-dollar parity having an adverse impact on the foreign investment in the local stocks, he said.

But news from the political front were not that encouraging as the battle of wits with the US continued through press statements, said another analyst Samar Iqbal and added “that is perhaps why return of the president after two weeks failed to enthuse investor at least for the near-term.

“Having a fair idea of the US policy of stick and carrot towards Pakistan, foreign investors are staying on the sidelines and may await some real breakthrough before resuming normal activity,” he said.

Leading gainers were led by Colgate Pakistan and Millat Tractors, up Rs24.90 and 16.83, while top losers included Unilever Pakistan and Fazal Textiles, off Rs49.76 and 9.00.

Traded volume showed a modest rise at 45.753m shares as compared to previous 46m shares but losers held a modest lead over the gainers at 114 to 107, with 85 shares holding on to the last levels.

The active list was topped by Fauji Fertiliser, off Rs1.14 at 157.69 on 4m shares, followed by Lotte Pakistan, steady by 38 paisa at 9.56 also on 4m shares, Azgard Nine, firm by one paisa at 3.26 on 4m shares, JS & Co, steady 12 paisa at 5.19 on 3m shares, National Bank, up 88 paisa at 41.78 also on 3m shares, Fauji Fertiliser Bin Qasim, easy 64 paisa at 49.14 on 3m shares, and Fatima Fertiliser, unchanged also on 3m shares.

Other actives were led by Engro Corporation, off Rs4.45 at 107.84 on 3m shares, PTCL, lower by 10 paisa at 10.14 on 2m shares and OGDC, up 43 paisa at 157.46 also on 2m shares.

FUTURE CONTRACTS: Engro Corporation came in for fresh selling on reports of supply of gas problems, off Rs4.66 at Rs.108.53 on 1.116m shares followed by Fauji Fertiliser, off Rs1.39 at 158.23 on 0.976m shares and National Bank, up 91 paisa at 41.99 on 0.691m shares.They were followed by Fauji Fertiliser Bin Qasim, lower by 58 paisa at 49.32 and Attock Refinery, off Rs2.08 at 113.67 on 0.240m shares.

DEFAULTER COs: The activity on this counter remained slow in the absence of demand and as a result most of the scrips ended unchanged.

Dadabhoy Cement led the list of actives, off 39 paisa at 1.50 on 20,848 shares followed by SS Oils, up 51 paisa at 6.50 on 17,000 shares, Genertech Power, easy six paisa at 0.31 on 16,006 shares and Saritow Spinning, easy 11 paisa at 0.99 on 15,516 shares.