The underlying sentiment, however, remained uppishly inclined thanks to presence of a buying support at falling prices on the perception that there is nothing basically wrong with the positive market fundamentals.
The KSE 100-share index, however, finished with a fresh modest rise of 5.96 points, well below the day’s best bid at 8,895.68 as compared to the previous 8,889.72, reflecting the strength of PTCL and OGDC — two leading base shares.
It again crossed the crucial level of 8,900 at 8,956.85, but failed to sustain it on late selling and ended well above the session’s low of 8,873.63.
PTCL came in for active support in the backdrop of reports that a second round of talks to complete the transaction will be held in Karachi this week after the arrival of Etisalat delegation, brokers said.
Its share value ended with a gain of 95 paisa at Rs64, as investors covered positions anticipating a major breakthrough on the pending issues.
“The deal may be around but not without a number of financial concessions to Etisalat,” analysts said. “Demands may be too high but the government is inclined to bow down in an apparent effort to save the transaction.”
The market may benefit from the settlement of pending issues, but there could be some negative fallout on the government’s privatization programme after details of the deal are out, they fear.
National Bank, DG Khan Cement, Nishat Mills and many other overvalued shares came in for active selling and finished sharply lower. But on the other hand, low-priced ones rose under the lead of PIAC (A), which attained its face value after having risen by one rupee at Rs10.80 on active support triggered by reports of higher earnings and purchase of more aircraft.
Lakson Tobacco and Nestle Pakistan were leading among the gainers, up Rs12.85 and Rs16, respectively, followed by Jahangir Siddiqui & Co, Central Insurance, Pakistan Cables, Millat Tractors, Colgate Pakistan, Island Textiles and Siemens Pakistan, up Rs4 to Rs9.
Losers were led by Shezan International and Treet Corporation, off Rs9.75 and Rs10, respectively. Other prominent losers included IGI Insurance, Yousuf Textiles, Sapphire Textiles, Attock Petroleum, Pakistan Oilfields, Indus Motors, Fateh Textiles, National Foods, Artistic Denim, and Aventis, which suffered fall ranging from Rs4 to Rs8.
Trading volume fell to 417m shares from the previous 476m shares as losers held a modest lead over gainers at 181 to 172, with 40 shares holding on to the last levels.
PTCL was actively traded, up 95 paisa at Rs64.00 on 52m shares, followed by Fauji Fertilizer Bin Qasim, up 40 paisa at Rs36.75 on 42m shares, National Bank, off Rs1.90 at Rs167.50 on 37m shares, Fauji Cement, lower 55 paisa at Rs24.10 on 24m shares, Bank Alfalah, higher by Rs1.35 at Rs64.10 on 23m shares, and OGDC, up 70 paisa at Rs109.80 on 14m shares.
Other actives were led by Bank of Punjab, unchanged on 17m shares, PIAC, higher by one rupee on 17m shares, and Nishat Mills, off Rs1.40 on 13m shares.
FORWARD COUNTER: National Bank remained under pressure on the cleared list and was marked down by Rs1.05 at Rs168.35 on 11m shares, followed by PTCL, up 85 paisa at Rs64.15 on 11m shares, and Fauji Fertilizer Bin Qasim, steady 10 paisa at Rs36.70 on 10m shares.
Other actives included DG Khan Cement, off Rs2.30 at Rs102.00 on 7m shares and Nishat Mills, lower Rs1.65 at Rs101.25 on 6m shares. Others were modestly traded.
DEFAULTER COS: Active trading was again witnessed on this counter as investors indulged in alternate bouts of buying and selling. While Schon Modaraba, Indus Polyester and Dandot Cement attracted selling at the higher levels, and fell by five, 30 and 65 paisa, respectively, on 0.230m, 0.107m and 0.860m shares, Crescent Standard Bank and Kashmir Polytex, rose by 30 and 85 paisa on 0.265m and 0.181m shares. Others fell fractionally amid light turnover.