KARACHI, Dec 12: Stocks suffered fresh pruning on blue chip counters on Wednesday under the lead of oil shares as a section of investors took profits at higher level to meet their technical demands.

It was an overdue technical correction and had nothing to do with the market’s inherent strength which can even manifest today (Thursday) on the strength of positive basic fundamentals, said floor brokers.

The KSE 100-share index declined by 76.53 points at 14,556.11 as compared to 14,632.64 points a day earlier, reflecting relative weakness of the MCB which fell sharply lower from its overnight high. The 30-share index fell by 207.24 points at 17,480.21 points.

A technical correction was long overdue but positive news in quick succession did not allow bulls to leave the arena followed by an extended bull-run.

“Correction in no way suggests halting of the current run-up rather a strong presence of support at falling prices augur coming back of bulls even tomorrow because of the absorption of selling,” said an analyst Husnain Asghar Ali.

“All, especially foreign funds are waiting for lifting of emergency on 16th as post-emergency trading is likely to witness lots of surprises both in volume and price flare-up,” he added.

“There is a general perception of foreign investors making a comeback soon after lifting of the emergency as lower levels may attract them for a new portfolio building”, said an analyst.

However, others believe the market’s future outlook to be determined once the elections were over, especially regarding those forming the next government.

Major gainers were led by the EFU Life and the Shell Gas up by Rs25.30 and Rs16.60, respectively. These were followed by the New Jubilee Insurance, Al-Ghazi Tractors, Sanofi-Aventis, Siemens Pakistan, JS & Co, and the National Foods posting gains from Rs5.10 to 16.10.

The Lakson Tobacco and the MCB lead losers and were off by Rs24 and Rs16, respectively. Others who followed suit included the Unilever Pakistan, Sitara Chemical, Exide Pakistan, Attock Petroleum, Mari Gas, and Adamjee Insurance suffering fall from Rs9.40 to Rs14.25.

Trading volume rose to 282 million shares from previous 277 million as losers held a modest lead over gainers at 184 to 177, with 41 holding on to last levels.

The active list was led by Arif Habib Securities which posted gains by Rs1.55 at Rs178.55 on 30 million shares; followed by the NIB Bank steady by 85 paisa at Rs22.80 on 25 million shares; the TRG Pakistan firm by 40 paisa at Rs13.15 on 12 million shares; Askari Bank steady by 20 paisa at Rs98.70 on 12 million shares; National Bank unchanged at Rs249.50 on 10 million shares; Fauji Fertiliser Bin Qasim lower by 20 paisa at Rs45.90 on 10 million shares; and Javed Omer up Rs1.75 at Rs165 on 10 million shares.

Others were led by the Bosicor Pakistan up by Re1 on eight million shares followed by Azgard Nine higher by Rs2.20 on eight million shares and the Pakistan Cement up by Re1 on seven million shares.

FORWARD COUNTER: The MCB came in for active selling and led the list of actives and was off by Rs11.75 at Rs416.10 on six million shares; followed by the National Bank steady by five paisa at Rs251 on five million shares; and Askari Bank up 45 paisa at Rs99.30 on three million shares.