KARACHI, Aug 23: Stocks on Tuesday failed to sustain the last two sessions’ run-up as follow-up support turned shy in the absence of leading bulls, allowing bears to indulge in active profit-selling at the higher levels.

But analysts said the pause was technical as the market passed through a consolidation phase as investors took stock of their inventories before launching a fresh covering operation at the still attractively lower levels.

After earlier rising sharply higher on active follow-up support the KSE 100-share index finally finished with a decline of 32.23 points at 7,557.87 as compared to 7,590.10 a day earlier, wiping out Rs10 billion from the market capital at Rs2,157.615 billion. It touched the lowest and the highest of the session at 7,544.05 and 7,639.9 respectively. Leading base shares notably OGDC and PTCL finished sharply lower.

The buying euphoria associated with the introduction of Continuous Funding System (CFS) apparently slowed down as investors have an overview of the developing situation during the post-badla era.

“There is enough liquid cash now under the CFS (capped at Rs25 billion) for those who are inclined to cut their previous losses”, analysts said “the rate of about 17 per cent under the CFS may be a bit higher but investors opted for on Monday utilizing massive amounts”.

But some others attributed the slowdown to some second thoughts on operating under the CFS for some technical reasons as it will finally run parallel to the ready market after it becomes fully operative.

However, the satisfying feature was that the end of stand-off on the badla issue was welcomed by the brokers in general as was reflected about eight per cent increase in the index both prior and post-CFS announcement sessions.

For the last about five decades badla has been the chief financing instrument and many old brokers who have been associated with it since early days of stock trading will continue to mourn its tragic death for a longer period than their younger generations may think of, a retired broker said.

What pained them more was the way it was kicked out despite brave fight offered by their new breed of brokers who are apparently more enlightened and well-educated and are inclined to adjust themselves to the new mode of share financing, some other said.

Attock Petroleum and Wyeth Pakistan was leading among the gainers, up by Rs6 and Rs34.90, followed by Arif Habib Securities, Fazal Cloth, Attock Refinery, Mari Gas, Engro Chemicals, Glaxo-SKF, PNSC, Clover Pakistan, Pakistan Cables — after a higher cash dividend and bonus shares — and Pakistan Oilfields, which posted gains ranging from Rs3 to Rs6.

Losers were led by Shell Pakistan and Lakson Tobacco, off Rs8.40 and Rs9.90 respectively. Other prominent losers included Clariant Pakistan, Dawood Hercules, Haroon Oils, PSO, Pakistan Services and National Foods, off Rs4 to Rs8.25.

Trading volume rose further to 391m shares from the Monday’s 328m shares owing to easy liquidity conditions under the CFS, but losers forced an active lead over the gainers at 182 to 106, with 20 shares holding on to the last levels.

OGDC came in for active selling at the inflated level and fell by 65 paisa at Rs109.40 on 80m shares followed by PTCL, off Rs1.55 at Rs64.70 on 62m shares, Fauji Fertilizer Bin Qasim, up by Rs1.05 at Rs34 on 47m shares, Pakistan Oilfields, higher by Rs4.50 at Rs335.50 on 33m shares, Fauji Cement, firm by 70 paisa at Rs14.20 on 23m shares, Pakistan Petroleum, up by 80 paisa at Rs175.80 on 17m shares and National Bank, off Rs1.70 at Rs105.85 on 9m shares.

Other actives were led by D.G.Khan Cement, up by 45 paisa on 20m shares, Pakistan PTA, steady by 40 paisa on 19m shares and Bank of Punjab, off 75 paisa on 16m shares.

FORWARD COUNTER: OGDC also came in for active selling on this counter and fell 90 paisa at Rs109.50 on 20m shares followed by Pakistan Petroleum, up by 64 paisa at Rs175.30 on 15m shares and PTCL, off Rs1.72 at Rs64.65 also on 15m shares.

Pakistan Oilfields on the other hand rose by Rs4.11 at Rs335.80 on 11m shares and Fauji Fertilizer Bin Qasim, higher by 41 paisa at Rs33.37 on 10m shares. All others were modestly traded mostly on the lower side.

DEFAULTER COS: Trading on this counter was modest as there were more sellers than buyers amid narrow price movements and fractional fall or gains.

DIVIDEND: Pakistan Cables, final cash 40 per cent, 25 per cent interim was already paid, bonus shares at the rate of 33.33 per cent, International Insurance Co, cash 45 per cent.

BOARD MEETINGS: Union Insurance on Aug 25, Glaxo-SKF, Merit Packaging on Aug 26, Pakistan Petroleum, Crescent Leasing, Haydari Construction Co and Bank of Punjab on Aug 27, Universal Insurance on Aug 28, Highnoon Lab and Lucky Cement on Aug 29 and Suzuki Motorcycles on Aug 30.