KARACHI, Aug 26: Stocks on Friday finished with an extended gain on active fresh short-covering in the leading index shares, notably PTCL and OGDC amid brisk trading. But the market lacked aggressiveness associated with the CFS as leading investors including financial institutions played safe because of weekend considerations, which generally attract profit-selling from the weak-holders and jobbers.

The interesting feature was that Netsol Technology made a firm debut and finished with a net rise of Rs24.05 at Rs34.05 after hitting the day’s peak at Rs36 against its face value of Rs10 on 7.745m shares.

The KSE 100-share index showed a fresh gain of 31.69 points after early erratic movements despite the overnight spillover demand but managed to sustain late gains and finished around 7,585.70, up from the previous close of 7,554.01.

The earlier predictions that it could rise to 8,000-point level may be correct on the long-term basis but the market’s current stance and volatile performance reflected that the goal was still appeared to be an elusive one. The index, so far, failed to cross the barrier of 7,600 after several bids as bears resumed selling in the pivotals to keep it below that level.

Late afternoon session, witnessed weekend selling on selected counters at the inflated levels, which weighed heavily against the underlying sentiment, notwithstanding there were buyers at the dips.

But now I don’t see any immediate bearish reason which could forestall the long overdue technical rally, says a leading broker adding “investors are just analysing the positive impact of the Continuous Funding System (CFS) before it goes fully operational”.

“There is now plenty of money under the CFS (Rs25bn) to play safe on the ready counter taking hedging facility on the forward in the enhanced list of 14 scrips”, he said “the market needs some time to fully adjust itself to the changed financial scenario”.

Moreover, higher corporate announcements pouring in daily are still to play their role in putting the market back on the rails and short-covering allied to them are still to manifest themselves on those counters also, some others said.

The board meeting of some leading shares, notably Pakistan Petroleum, Pak-Suzuki Motors are due before the end of the month, while directors of Lucky Cement and ALICO were expected to announce their working results possibly by the next Monday.

Advancing shares were led by Indus Dyeing, Pak-Suzuki Motors, ahead of its board meeting, Glaxo-SKF, National Foods, Ferozsons Lab, Shell Gas, Lakson Tobacco, and Javed Omer, up by Rs4 to Rs7.70. But the largest gain of Rs21.75 was recorded in Wyeth Pakistan.

Losers were led by Arif Habib Securities and Siemens Pakistan, off Rs14 and Rs20 followed by Merit Packaging, Murree Brewery, Haroon Oils, National Refinery and Pakistan Cables, which suffered fall ranging from Rs3 to Rs7.

Trading volume fell to 296m shares from the previous 314m shares as leading sellers kept to the sidelines anticipating further rise in share values. Gainers held a modest lead over the losers at 118 to 112, with 43 shares holding on to the last levels.

PTCL top the list of actives, up by Rs1.10 at Rs65.55 on 83m shares followed by OGDC, steady by five paisa at Rs111.35 on 49m shares, Bank of Punjab, off 50 paisa at Rs91.85 on 37m shares, National Bank, up by Rs2 at Rs107.70 on 27m shares and D.G.Khan Cement, lower 90 paisa at Rs59.40 on 15m shares.

Other actives were led by Fauji Fertilizer Bin Qasim, unchanged on 13m shares, Pakistan Petroleum, up by Rs1.45 on 12m shares, MCB, firmer by Re1 on 9m shares and Pakistan Oilfields, off Rs1.25 on 6m shares.

FORWARD COUNTER: PTCL also led the list of actives on this counter, up by Rs1.91 at Rs66.30 on 18m shares, OGDC, firm by five paisa at Rs112.60 on 8m shares and Pakistan Petroleum, higher by Rs1.70 at Rs171.80 on 7m shares.

August settlements of PTCL and OGDC rose by Rs1.05 and 35 paisa at Rs65.45 and Rs111.40 on 16m and 6m shares respectively. Others also rose modestly.

DEFAULTER COS: With the exception of Crescent Standard Bank and Suzuki Motorcycles, which fell by 80 paisa and Re1 on modest turnover, all other shares generally posted fractional gains amid slow trading.