KARACHI, Nov 5: Stocks finished the weekend session on a steady note as leading shares came in for active support at the lower levels and rose modestly higher amid a lightly traded session.
The steep decline in the trading volume, however, worried leading analysts as it could well signal the outflow of the capital to some other investment avenues but some other said weekend considerations was the chief inhibiting factor.
The KSE 100-share index showed highly erratic movements touching the low at 5,322.31 points but managed to finish around the day's highest level of 5,352.30, reflecting the strength of leading base shares. The change over the day was of 4.58 points on the higher side. But the direction of the market is still unclear as the weekend rally is too feeble to be sustained after the trading resumes next week as was reflected steep decline in the trading volume.
"Bush factor as a positive stimulant is, however, still relevant", predicts a leading stock analyst "the market is sure to rebound possibly by the next week giving its final verdict on the Bush re-election".
But some other said the extension in the carryover market clearing by a week owing to upcoming Eid holidays will continue to have its toll in the form of fresh selling as many may not be in a mood to hold long positions in view of the financial risks involved during the intervening holidays.
Reports of corporate earnings from some of the leading sectors, notably cement, banks, energy, chemicals and textiles are on the higher side of the analysts and could be at work after the current confusion over the Bush victory in the local circles is over, brokers said.
"The market in patches is still in an overbought position but there is a lot of manoeuvring space on the other counters both for the speculative traders and the bargain-hunters and that could happen any day", they said.
Opinions are, however, divided over the post-Bush victory index level. Some claim it could rise by another 250 points after the things settles down on the political front and President Bush takes fresh policy initiatives.
Some other fear his warning to continue war on terror could well prove a double-edged weapon and not without some unpleasant massive anti-US reaction from many quarters.
Leading gainers were led by Ferozsons Lab and Siemens Pakistan, up by Rs7.90 and Rs20 followed by Metropolitan Bank, D.M. Textiles, Sapphire Fibre, Millat Tractors, Grays of Cambridge and Pakistan Services, up by Rs3.50 to Rs5.30.
Losers were led by Wyeth Pakistan, which fell by Rs55 followed by Sana Industries, Glaxo-SKF, Nestle MilkPak, and Colgate Pakistan, which suffered decline ranging from Rs4 to Rs11.
Trading volume fell further to a modest total of 101m shares as compared to 166m shares a day earlier but gainers maintained a comfortable edge over the losers at 117 to 112, with 41 shares holding on to the last levels.
Fauji Fertilizer Bin Qasim led the list of actives, up by 25 paisa at Rs21.20 on 14m shares followed by D.G.Khan Cement, higher by Rs1.70 at Rs50.35 also on 14m shares, Nishat Mills, up by 40 paisa at Rs52.15 on 9m shares, Bank of Punjab, up by 90 paisa at Rs59.55 also on 9m shares and OGDC, higher by 15 paisa at Rs66.20 on 8m shares.
Other actives were led by PTCL, easy by 10 paisa on 7m shares followed by PSO, up by Rs1.50 on 6m shares, PICIC Growth Fund, higher by 55 paisa on 4m shares, Sui Northern Gas, firm by five paisa also on 4m shares and Lucky Cement, up by 50 paisa on 3m shares.
FORWARD COUNTER: PTCL came in for renewed selling and fell by 30 paisa at Rs37.70 on 4m shares, OGDC, up by 25 paisa at Rs66.65 also on 4m shares, D.G. Khan Cement, higher by Rs1.75 at Rs50.50 on 3m shares and PPL, easy five paisa at Rs117.55 on 3m shares.
PSO posted a fresh gain of Rs1.80 at Rs264.50 on 3m shares, while some others also came in for active support and finished higher.
DEFAULTER COS: Trading on this counter was relatively slow as investors did not take fresh positions ahead of the weekend. Prices changes on all the counters were fractional and there was no big deal in any of the actives.