KARACHI, Feb 6: Stocks on Thursday showed mixed trend as investors played on both sides of the market in the absence of strong demand from the financial institutions and speculative forces. The KSE 100-share index finished with an extended gain of 6.17 points at 2,483.13.

Selective support, however, was evident on the blue chip counters under the lead of Hub-Power on active short-covering followed by reports of higher interim profits announced by its board in Lahore meeting.

But the falling trading volumes reflects that both the bears and bulls are maintaining a status quo, which could well be a prelude to some major event in the post-Eid holiday sessions.

After moving either way by 40 points, the KSE 100-share finally managed to finish with an extended gain of 6.17 points at 2,483.13 as compared to 2,476.96 on Tuesday.

The opening was, however, a bit promising in the backdrop of president’s Russian visit and some positive hints about the resumption of Indo-Pak talks to resolve the core issues but some technical factors including six-day badla did not allow investors to take long positions.

The KSE index, therefore, danced to the tune of both positive and negative news, falling at one stage by 35 points and recovering by 40 points from the day’s lows.

“The market may also turn in volatile performance during coming sessions as investors will play safe ahead of the Eid holidays, some flutters here and there notwithstanding,” analysts said.

The other inhibiting factor is the Iraq situation after its virtual indictment by the US foreign secretary Colin Powell while giving fresh evidence about the weapons of mass destruction before the Security Council, which could lead to allied attack on it, they fear.

“Investors are caught between the two equally unpleasant situations and could not precisely decide whether or not to go for fresh killings at this stage,” brokers said. “Badla problems are also creating some technical problems for them.”

The stock trading, therefore, may remain lacklustre during the pre-Eid holiday trading sessions and how investors react in the post-Eid holiday market will set the future trend.

Attock Refinery and Treet Corporation, which rose by Rs5.25 to Rs10 were leading among the gainers followed by Al-Mal Securities, Jahangir Siddiqui & Co, Khalid Siraj and Maqbool Textiles, Exide Pakistan, BOC Pakistan, Clover Pakistan, Shifa International and Unilever Pakistan, up Rs1.50 to Rs5.

Losers were led by Pakistan Refinery and Parke-Davis, off Rs6.20 and Rs9. Other prominent losers included Javed Omer, Sapphire Textiles, Shell Pakistan, HinoPak Motors, Honda Atlas Cars, Pak-Suzuki Motors, Dawood Hercules and Glaxo-Wellcome Pakistan, off Rs2.15 to Rs5.80.

Trading volume shrank to 148m shares from the previous 224m shares as leading investors kept to the sidelines. Losers outpaced gainers by 146 to 113, with 45 shares holding on to the last levels.

Hub-Power again led the list of actives, higher by 55 paisa at Rs35.15 on 45m shares followed by FFC-Jordan Fertilizer, up Rs1.40 at Rs11.80 on 33m shares, PTCL, firm by five paisa at Rs21.95 on 21m shares, PSO, lower 45 paisa at Rs183.50 on 12m shares, Sui Northern Gas, higher 35 paisa at Rs21.65 on 8m shares.

Other actives were led by Pakistan Oilfields, higher by Rs4 on 4m shares, National Bank, up 45 paisa on 3m shares, MCB, firm by 35 paisa on 2m shares, KESC, easy five paisa on 2m shares and Dewan Salman, up 35 paisa also on 2m shares.

FORWARD COUNTER: Hub-Power came in for renewed support followed by reports of higher interim profit and rose by 40 paisa at Rs35.15 on 15m shares, followed by PSO, lower 25 paisa at Rs184.25 on 5m shares and FFC-Jordan Fertilizer, higher by Rs1.50 at Rs11.90 also on 5m shares, PTCL, firm by five paisa at Rs22.05 on 2m shares and Sui Northern Gas, higher 35 paisa at Rs21.80 on 1.228m shares.

DEFAULTER COMPANIES: Custodian Modaraba came in for active support and rose 20 paisa at Rs3.25 on 35,000 shares followed by Ghandhara Industries and Suzuki Motorcycles, unchanged at Rs3.50 and Rs6.75 respectively on 7,500 and 6,000 shares.

BOARD MEETINGS: Diamond Industries, Shafi Chemicals, Attock Refinery on Feb 7, Punjab Modaraba, International Multi-Leasing Corporation. BSJS Balanced Fund, Muslim Commercial Bank and Al-Qaim Textiles, Ghandhara Nissan, Ghandhara Nissan Diesel on Feb 8, Equity Modaraba, Punjab Oils, Javed Cement, Clover Pakistan, Imrooz Modaraba, Indus Motors, Lucky Cement, Crescent Investment Bank, Shabbir Tiles, Sigma Leasing and Agriautos on feb 10.