KARACHI, April 30: Stocks on Wednesday turned mixed as blue chips attracted profit-selling at the inflated levels and ended fractionally reacted but the selling was absorbed at the dips.

It was largely the weakness of the auto sector followed by hasty selling triggered by reports that the managements of leading companies, including Pak-Suzuki, Indus Motors and HinoPak Motors, have agreed to reduce their selling prices. Energy shares, including PSO and Shell Pakistan, followed on reports of further cut in prices for the second fortnight in a row.

Bulk of the selling originated from the weak-holders and jobbers as they were not inclined to hold long positions ahead of Thursday’s May Day closure and took profits at the available margins.

The KSE 100-share index early resumed its upward drive as bulls were not inclined to take a breather and pushed it day’s higher of 2,930. But late selling in some of the leading base shares pushed it down to finish around 2,902.42, off 12.20 points.

“I don’t think the LFO aided rally has faltered halfway,” says a leading analyst. “The market is now passing through a consolidation phase before rising to its coveted level of 3,000 index level.”

The underlying sentiment in part was also affected by selling from the carryover market as some of the leading “badla” financiers are claimed to be lining up funds to ride the bull bandwagon to join the forward march to the coveted index level of 3,000.

Analysts said the current peace moved to bring high-ups of Pakistan and India to the negotiation table to sort out their outstanding issues will continue to inspire fresh speculative buying on selected counters in the sessions to come.

“But the deadline of May 15, when the LFO committee comes out with its findings on the constitutional issues could well prove crucial for the future direction of the market if any of the contenders oppose them,” they said, adding “the fallout of the failure could shake the current strong edifice of the rally.”

Some others, however, claim the worst is over and the market could now sustain psychological depressants because of its inherent strength as it did after the end of buying euphoria triggered by higher corporate announcements from most of the leading companies.

Plus signs managed to hold a modest lead over the minus ones under the lead of Wyeth Pakistan and Parke-Davis, which posted fresh rise of Rs49 and Rs50 owing to shortage of floating stock.

Other good gainers were led by IGI Insurance, Dawood Cotton, Liberty Mills, Glaxo-SKF, Pakistan Gum Chemicals, Shezan International, Gillette Pakistan, Zulfiqar Industries and Unilever Pakistan, up Rs2 to Rs20.

Losers were led by Shafiq Textiles, Gatron Industries, Honda Atlas, Indus Motors, Pak-Suzuki Motors, HinoPak Motors, BOC Pakistan, Pakistan Services, Pakistan Refinery, Shell Pakistan and Nestle MilkPak, off Rs2.05 to Rs5.20.

Traded volume rose to 204m shares from the previous 172m shares but advancing issues maintained a modest lead over the losing ones at 173 to 160, with 51 shares holding on to the last levels.

Hub-Power topped the list of most actives, lower 10 paisa at Rs34.75 on 43m shares, followed by PTCL, easy 15 paisa at Rs24.60 on 27m shares, Sui Northern Gas, lower 30 paisa at Rs27.15 on 23m shares, Pak PTA, up 35 paisa at Rs9 and Bosicor Pakistan, higher one rupee at Rs16.20 on 13m shares.

PSO led the list of others, off Rs1.40 on 10m shares, Pakistan Oilfields, up Rs1.10 on 8m shares, Telecard, off 50 paisa on 6m shares, PIAC, easy 20 paisa also on 6m shares and Southern Electric, lower 20 paisa on 4m shares.

FORWARD COUNTER: Hub-Power led the list of actives, easy five paisa at Rs34.90 on 10m shares followed by PTCL, lower 10 paisa at Rs24.75 on 6m shares, PSO, off Rs1.45 at Rs206.50 on 5m shares.