KARACHI, Dec 13: Stocks on Thursday finished further lower as attempted rallies failed to get through owing to alternate bouts of buying and selling almost on all the counters. The KSE 100-share index shed another 22.13 points at 14,533.98.

The activity was cautious as investors were not inclined to go for blue chips owing to Eid holidays next week, but tried to build-up long positions on some of the low-priced shares, notably Pakistan Cement, JS Bank, NIB Bank and Al-Abbas Cement.

The initial run-up aided by strong covering purchases in the leading oil shares on reports of higher world prices could not be sustained as late selling again pushed them lower.

After having risen by 90 points in the early trading on the strength of the oil sector, the KSE 100-share index swung either-way and finally managed to close with a modest loss of 22.13 points at 14,533.98. The session’s high and low was touched at 14,647.45 and 14,516.53.

It could shed some more points during the weekend session, but analysts ruled out the possibility of any big shakeout at this stage as the relative calm on the political front despite hectic election campaign by the contenders of power the sailing is smooth, analysts said.

“The renewed buying in the oil sector during the next couple of sessions could allow the market to close the long post-Eid holiday week on an optimistic note, they added.

However, a larger decline was averted as some of the leading shares managed to finish with clipped gains from early highs. In the heat of terribly erratic price movements, big operators managed to take away a good part of the early price flare-up in between.

But some others said the next week could be very crucial for the future direction of the market as both local and foreign investors would base their future buying strategy on it.

“The emergency will be lifted by that time, analyst Hasnain Asghar Ali says, adding “that will meet the demand of foreign investors who would resume fresh covering purchases giving the market the needed push”.

Leading gainers were led by National Foods and Shell Gas, up by Rs17.50 and Rs17.40, followed by Sitara Chemicals, Unilever Pakistan, Galxo-SKF, EFU Life and New Jubilee Insurance, which posted gains ranging from Rs7.50 to Rs10.55.

Prominent losers included Wyeth Pakistan and JS & Co, off by Rs50 and Rs42.80. Others which followed them included Lakson Tobacco, Quetta Textiles, Pakistan Resource Company, Exide Pakistan, Tri-Pack Films, Noon Pakistan, Mari Gas, Sanofi-Aventis, Shezan International and JS Global, which fell by Rs5.35 to Rs22.30.

Trading volume fell to 256m shares from the previous 282m shares as losers held a modest lead over the gainers at 186 to 172, with 38 shares holding on to the last levels.

Pakistan Cement led the list of actives, steady by 10 paisa at Rs12.95 on 27m shares, Bosicor Pakistan, higher by 75 paisa at Rs21.45 on 24m shares, JS Bank firm by 25 paisa at Rs19.50 on 19m shares and Arif Habib Securities, up by 25 paisa at Rs178.80 on 11m shares.

NIB Bank, lower 40 paisa at Rs22.80 on 9m shares, Askari Bank, off Rs1.80 at Rs96.90 on 8m shares and Attock Refinery, up by Rs1.40 at Rs270.50 on 7m shares.

Other actives were led by Al-Abbas Cement, up by Re1 on 9m shares, Sitara Peroxide, higher by Rs2.50 on 8m shares and Callmate Telips, up by Re1 on 7m shares.

FORWARD COUNTER: MCB again led the list of actives on this counter, firm by 40 paisa at Rs416.50 on 5m shares, Askari Bank, off Rs2.20 at Rs97.10 on 3m shares and National Bank, lower by Rs2.60 at Rs248.40 also on 3m shares.