KARACHI, Nov 22: Stocks on Friday showed mixed trend as leading investors did not make larger commitments and took stock of the previous inventories before resuming new account portfolio buying by the next week. The KSE 100-share index fell by another 5.82 points at 2,346.34.

Institutional traders also kept to the sidelines apparently having an overview of the recent developments on the political front, while jobbers and day traders sold at margins owing to two official closures.

Most of the leading shares came in for active selling but the strength of auto and energy shares did not allow the broader market to fall below certain pre-determined levels.

Auto shares, notably all the car assemblers under the lead of Pak-Suzuki Motors and some others and Millat Tractors came in for heavy buying and rose sharply on reports of higher sales. Shell Pakistan and Pakistan Refinery were outstanding gainers in the energy sector.

The KSE 100-share index fell further by 5.82 points at 2,346.34 as compared to 2,352.16 a day earlier partly owing to weekend selling and partly to second thoughts on the political scenario.

“The vote count for the top slot is too fragile to deliver”, one broker fears. “Some others may ride the bandwagon in due course for some personal benefits but the government may remain weak as compared to typically strong opposition led by religious parties.”

Leading analysts are divided over the direction of the market after the election of the prime minister and his political limitations owing to a simple majority. Some predict a strong correction may be overdue at the current higher levels. Some others say some of the basic fundamentals will continue sustain the current levels although the talk of 2,500-point index level “may now be an elusive goal.”

The market has risen by about 20 per cent during the last couple of weeks in anticipation of strong military-backed government at the centre but it apparently did not work despite a lot of pre-election and post-election manoeuvring.

And that is why investors are reluctant to come in a big way until they received some positive signals from Islamabad about the shape of things to come in future on the financial front.

The general view is, however, that the market may take some more couple of days to decide its future course of action but as far as “good news are concerned they are now very few, which could boost it.”

Shell Pakistan, which has been under pressure during the last couple of sessions, recovered smartly and rose by Rs19.90 followed by Treet Corporation, which also came in for active support and rose by Rs9.65.

Other good gainers were led by Attock Refinery, Pakistan Refinery and Unilever, Pakistan, Gadoon Textiles, Abbott Lab, Millat Tractors, Tri-Pack Films, National Refinery, and several other, up Rs2 to Rs9.

BOC Pakistan and Pakistan Reinsurance Co fell by Rs6.05 to 19.90 followed by Nestle MilkPak, Dawood Hercules, and Lakson Tobacco off Rs4 to Rs4.25.

Trading volume further fell to 117m shares from the previous 161m shares but gainers held a modest edge over the losers at 125 to 121, with 54 shares holding on to the last levels.

Hub-Power came in for active selling at the higher level, off 45 paisa at Rs28.60 on 23m shares, followed by PTCL, lower 25 paisa at Rs22.65 on 13m shares, Adamjee Insurance, higher by Rs2.70 at Rs48.60 on 7m shares, ICI Pakistan, up by 60 paisa at Rs47.75 also on 7m shares, and National Bank, lower 15 paisa at Rs25.80 on 3m shares.

Other actives were led by Dewan Salman, higher by 95 paisa on 7m shares, Sui Northern Gas, lower 25 paisa on 5m shares, Pak-Suzuki Motors, higher by Rs3.70 on 4m shares and Ibrahim Fibre, unchanged on 3m shares.

FORWARD COUNTER: After last couple of sessions persistent rise, Hub-Power came in for active selling and fell to close lower by 40 paisa at Rs28.65 on 10m shares followed by PSO, off Rs1.25 at Rs192 on 5m shares, PTCL, lower 35 paisa at Rs22.60 on 4m shares.