KARACHI, Feb 22: Stocks on Friday maintained a firm outlook followed by strong selective support but the afternoon session witnessed a lot of profit-selling at the higher levels, which pushed some of the leading shares modestly lower. The underlying sentiment remained upwardly inclined.

After having hit its coveted level of 15,000 points, the KSE index failed to settle well above as its follow-up support turned shy in the absence of leading financial institutions.

It fluctuated between the low and high of 14,889.50 and 15,023.57 before ending the week at 14,980.66, up 8.69 points.

The free float 30-share index on the other hand rose by 123.70 points at 18,387.09 points as leading base shares rose further.

But indications are that the market is expected to explore new highs in the coming weeks both on the strength of upcoming corporate announcements by some leading companies, notably PTCL, OGDC and National Bank on Feb 27 and 29, and positive developments on the political front, analysts said.

However, it is generally believed that the market in broad terms will be largely guided by the news from Islamabad and presence of the foreign investors, who are in the market in a big way, of course, after having found some positive cues from the well-informed sources about the future shape of things.

“News that three major election winners, including PPP, PML-N and ANP have decided to form coalition governments at the Centre and the provinces seems to have removed chances of maneuvering and uncertainty being aired on the issue,” said a leading analyst Ahsan Mehanti.“The coalition government formed by them will be fairly stable and could deliver despite economic worries and pressures and higher cost of production,” Ashraf Zakaria predicts.

He said there is nothing basically wrong with the underlying sentiments, which continue to emit bullish signals. Weekend selling on some of the overvalued counters was a routine matter as weak holders get out of the market with their week’s tally.

“The market is passing through an interesting phase as post-election buying euphoria aided by both higher payouts and the positive political developments on the political front have restored the terribly shaken investor’s confidence in the share business,” another analyst Hasnain Asghar Ali said.

Leading gainers were led by Unilever Pakistan and AKD Capital, up by Rs72.95 and 39.90, followed by Tri-Pack films, Arif Habib Ltd, MCB Bank, EFU General and Life, Pakistan Engineering, and Pakistan Services, which posted gains ranging from Rs10.25 to 34.

Attock Petroleum and Siemens Pakistan were among the prominent losers, off by Rs30 and 38, respectively, followed by Grays of Cambridge, Dawood Hercules, Indus Motors, National Motors, Attock Refinery and National Foods, which suffered fall ranging from Rs5.05 to 17.85.

Trading volume fell to 313m shares from the previous 398m shares as losers held a modest edge over the gainers at 157 to 152, with 50 shares remaining pegged at the last levels.

D.G. Khan topped the list of most actives, up 4.75 at Rs111.20 on 32m shares followed by Lucky Cement, steady by 70 paisa at Rs129.50 on 18m shares, Arif Habib Bank, lower 35 paisa at Rs29.15 on 15m shares, Bank AlFalah, easy 40 paisa at Rs61.10 also on 15m shares, Bank of Punjab, lower 65 paisa at Rs103.80 on 14m shares and OGDC, up 20 paisa at Rs129.90 on 11m shares and Arif Habib Securities, off Rs1.90 at 184.60.

Other actives were led by Bosicor Pakistan, steady by 25 paisa at Rs21.20 on 18m shares followed by NIB Bank, lower by 20 paisa at Rs22.10 on 16m shares and Nishat Mills, higher by Rs5.10 at Rs107.35 on 14m shares.

FORWARD COUNTER: D.G. Khan Cement also led the list of actives on the cleared list and was quoted higher by Rs4.80 at Rs111.50 on 8m shares followed by MCB Bank, higher by Rs14.40 at Rs.464.50 on 7m shares and Lucky Cement, up Rs1.30 at Rs129.90 also on 7m shares.