KARACHI, April 26: Stocks on Wednesday failed to consolidate above the index level of 12,000 points owing to late profit-selling in leading base shares, notably in PTCL triggered by below market expectations working results.

Both OGDC and PTCL are among the index heavy weights and could take the entire market along with them where they want it to, although the total loss was limited owing to improved performance by some other leading base shares.

After earlier breaching through the barrier of 12,000 points at 12,065.00, but the KSE 100-share index finally finished with a net fall of 31.73 points at 11,910.09 from the previous close of 11,941.82 as some of the leading base shares came in for active selling under the lead of OGDC and PTCL.

Analysts said the market should have consolidated the overnight gains but the weakness of the PTCL dragged down the entire market on late selling followed by reports of below market expectation working results.

Investors had been expecting an interim dividend by the new management as goodwill gesture but there was nothing in the news to enthuse investors, they said.

It finally finished with limit fall, off Rs3.15 at Rs60.10 and being one of the leading base shares pushed down the entire market in the minus column.

Although news from the political front are not that encouraging and could interrupt any snap rally, a long line of encouraging corporate announcements could keep investors in a positive mood, brokers said.

But some others said much would depend on the presence of foreign investors, notably on the oil and banking sectors and if they fear negative fallout of the recent political manoeuvrings, the future outlook may turn uncertain.

Unlike the previous sessions, advancing shares dominated the list under the lead of Rafhan Maize and Wyeth Pakistan, up by Rs23 and Rs50, followed by Attock Petroleum, Shell Gas, IGI Insurance, Pakistan Petroleum, Pak-Suzuki Motors and Dawood Hercules, which posted gains ranging from Rs8.50 to Rs17.

Shell Pakistan and AKD Capital suffered fall of Rs8 and Rs12.80 and were leading among the losers followed by Sapphire Fibre, Nishat Mills, National Refinery, Mari Gas, PSO and Shell Pakistan, off Rs5 to Rs8.

Trading volume showed further expansion at 346m shares as compared to 257m shares a day earlier, while gainers led losers by 171 to 167, with 37 shares holding on to the last levels.

The most active list was topped by OGDC, off 95 paisa at Rs162.95 on 54m shares, followed by National Bank, up by Re1 at Rs273 on 49m shares, Pakistan Petroleum, higher by Rs13 at Rs290 on 38m shares, MCB, lower Rs1.90 at Rs252 on 19m shares Bank of Punjab, up by Rs1.95 at Rs88.50 on 16m shares and Pakistan Oilfields, higher Rs5.25 at Rs689.05 on 15m shares.

Other actives were led by Lucky Cement, lower 40 paisa on 13m shares, D.G. Khan Cement, easy 55 paisa on 11m shares and Sui Southern Gas, steady 15 paisa on 9m shares.

FORWARD COUNTER: National Bank came in for renewed support and rose by 95 paisa at Rs272.50 on 12m shares, Pakistan Petroleum, sharply higher by Rs12.25 at Rs289.25 also on 12m shares and OGDC, off Rs1.25 at Rs163 on 10m shares.

PTCL followed them, off Rs3.20 at Rs60.90 on 9m shares, Pakistan Petroleum, higher by Rs11.50 at Rs292.01 also on 9m shares but other actives showed fractional price changes.

DEFAULTER COS: Prices on this counter fell fractionally on stray selling but there were buyers at the decline. Volume leaders among them, however, fell under the lead of Crescent-Standard Bank and Dandot Cement, lower by 65 and 95 paisa at Rs6.30 and Rs14 on 0.327m and 0.215m shares respectively.