KARACHI, Dec 20: Stocks finished the weekend session on a mixed note as both PTCL and Hub-Power came in for active selling at the inflated levels, although the broader market performed relatively well amid active trading.

The underlying sentiment, however, remained uppishly inclined sending signals that the next week could witness the continuation of the current buying euphoria.

The KSE 100-share index showed a modest decline of 10.44 points at 2,525 as compared to 2,535.44 a day earlier owing to a late burst of profit-selling in the volume leaders.

A modest decline of 10 points in a highly overnight market and that too at the weekend session, which generally prompts a lot of hasty selling from jobbers and weakholders, reflects that bulls are not inclined to loosen their grip on the prevailing price line for obvious reasons.

“Sky may not be the limit, leading bulls are not inclined to take even a technical breather at this stage,” one broker said “all efforts seem to be directed to better the decade old index level of 2,662.”

And that may now not be that difficult. Both the PTCL and the Hub-Power have the potential to go to any highs from the current lower levels, allowing the index to gain another 300 to 400 points.

“Both have a weightage of 44 per cent in the index and a rise of one rupee each in them means an increase of 32 points in the index and that is what is happening as both are being subjected to massive volumes each session,” analysts said.

They fear the index could lose about 300 points after the correction sets in and could leave a long list of causalities behind it. The overnight market will finally need selling to straighten its technical position.

Floor brokers said the current upward drive was also aided by reports of higher corporate announcements from the companies whose financial years closed on Sept 30, 2002.

Already, some of the textile companies are coming out with good dividend indicating that for the second year in a row most of them have made deeper inroads into the export business.

Prominent gainers were led by National Foods, Dawood Cotton, Engro Chemical, Gul Ahmed Textiles and Shell Pakistan, up by Rs3 to Rs4, followed by Javed Omer, Century Insurance, Noon Sugar, Shell Gas, Crescent Steel, BOC Pakistan, Cherat Papers and some others, up by Rs2 to Rs2.35.

Losers included premier Sugar, Sarhad Cigarette, Siemens Pakistan, Unilever Pakistan and Wyeth Pakistan, off Rs2 to Rs30, largest decline of Rs30 being in Wyeth Pakistan. Others, which fell included Adamjee Insurance, Sapphire Textiles, Sapphire Fibre and Abbott Lab, off Rs1.50.

Trading volume fell to 319m shares from the previous 505m shares but gainers maintained a fair lead over the losers at 178 to 151, with 51 shares holding on to the last levels.

Hub-Power was actively traded, off 25 paisa at Rs33 on 108m shares, followed by PTCL, lower 60 paisa at Rs23.65 on 56m shares, PSO, up 35 paisa at Rs190.15 on 28m shares, Engro Chemical, sharply higher by Rs3.25 at Rs82.95 on 24m shares and ICIU Pakistan, up Rs1.70 on 21m shares.

Other actives were led by Sui Northern Gas, lower 20 paisa on 17m shares, PIAC, higher by 70 paisa on 11m shares, Dewan Motors, up 50 paisa on 8m shares, Fauji Fertiliser, higher Rs1.20 on 7m shares and National Bank, easy 25 paisa on 4m shares.

FORWARD COUNTER: Hub-Power came in for active selling at the higher level and finished lower by 25 paisa at Rs33.15 on 28m shares, PTCL, off 50 paisa at Rs23.75 on 23m shares, and PSO, higher 50 paisa at Rs191 on 9m shares.