KARACHI, April 23: Stocks suffered fresh pruning on Wednesday despite higher interim profits by some of the leading companies as a section of investors took profits at the inflated levels after the corporate announcements minus expected payouts. The KSE index was off by another 73.38 points but well above the barrier at 15,470.14.

The market should have been back on the rails but profit-selling by those, who were interested only to realise capital gains rather than awaiting final dividend or bonus shares, pushed the market down to end with an extended fall.

The KSE 100-share index posted a fresh decline of 73.38 points on renewed selling in some of the leading shares under the lead of Engro Chemical as active short-covering in the leading oil and banking shares failed to boost the mid-session rally.

After having touched the session’s high of 15,649.34, up 106 points over the previous close, finally it finished with a fresh fall of 73.38 points at 15,470.14 amid highly erratic movements. The free float 30-share index on the other hand suffered a much bigger loss of 138.10 points at 18,661.42.

“The market appears to be still passing through an in-house technical correction as its high volatility reflects but there is no signs that the current run-up is overdone,” analysts said, adding: “But no one at this stage think of a massive fall as counter-balancing forces are still at work”. Interim working results pouring in daily from the leading companies, notably Pakistan Oilfields, PSO, Shell Pakistan, Habib Bank, Engro Chemical were in line with the analyst predictions both in terms of profits and EPS and should have put the market back on the rails but it ended with an extended fall on renewed selling.

Over the last couple of weeks Engro Chemical, one of the market leaders, had risen by about Rs100 with successive upper locks but seems to have dragged down the entire market along with it after investors indulged in hasty selling despite higher earnings, some analysts said.

It shed Rs14.35 from its recent peak of Rs368.20 (face value Rs10) at Rs353.85 on 13m shares. An identical activity was also witnessed in Nishat Mills, one of the leading textile mills, during the last couple of weeks as its share price soared to Rs135 but negative reports about its profits pulled down it to Rs127. Cement shares followed them in the minus column.

But on the other hand, other blue chips, including OGDC, Pakistan Oilfields, and Bank of Punjab came in for active short-covering and ended recovered and so did some of the shares, which had assumed the role of recent actives.

Minus signs again dominated the list under the lead of Rafhan Maize and Siemens Pakistan, off Rs145 and Rs76, followed by JS Global, JS & Co, MCB Bank, Adamjee Insurance, Dawood Lawrencepur, Shell Gas, Clover Pakistan, Shezan International, Treet Corporation, Colgate Pakistan, Bata Pakistan, and Nestle Pakistan, which suffered fall ranging from Rs9.05 to Rs50.

Top gainers were led by AKD Capital and Fazal Textiles rose by Rs42.15 and Rs20.15, respectively. Other good gainers, included Habib Bank, Pakistan Reinsurance Co, Mitchell’s Farms, Unilever Pakistan, Central Insurance, Attock Refinery and Indus Motors, up by Rs6.80 to Rs14.65.

Traded volume showed a fresh modest rise at 277m shares from the previous 258m shares as losers topped gainers by 210 to 105, with 48 shares holding on to the last levels.Bank of Punjab led the list of actives, up 80 paisa at Rs61.30 on 19m shares, followed by Hub-Power steady by 65 paisa at Rs35.05 on 17m shares, OGDC, higher by Rs1.40 at Rs139.45 partly on new oil finds and partly to higher world crude oil prices, on 15m shares, Pakistan Oilfields, sharply higher by Rs8.35 at Rs414.60 also on 15m shares, JS Bank lower by one rupee at Rs22 on 13m shares, Azgard Nine, off Rs1.65 at Rs89.95 on 12m shares and D.G. Khan Cement, lower by Rs2.60 at Rs109.80 on 9m shares. Pervez Securities was also marked down by Rs4.85 at Rs92.45 on 10m shares.

FORWARD COUNTER: Both settlements of Bank of Punjab led the list of actives on this counter, which tended lower by 30 paisa for the ruling contract at Rs61.30, while its May settlement was quoted higher by 67 paisa at Rs62.01 on 5,800 and 4,639 shares, respectively, JS Bank followed them, easy by 86 paisa at Rs22.45 on 5,000 shares.