KARACHI, Feb 17: Stocks ran into early profit-selling on Tuesday, but active mid-session follow-up support on the banking, oil and fertiliser counters readily absorbed by the NIT fund and others, allowing the KSE 100-share index to maintain its winning streak for the third session in a row.

It finally ended with a fresh gain of 62.90 points or 1.09 per cent at 5,839.63, after early having hit the session’s low at 5,757.25. But on the other hand its junior partner the KSE 30-share index showed a bigger rise of 2.24 per cent or 132.09 points at 6,026.29 points.

Leading base shares, notably MCB Bank, EFU Life, Attock Petroleum, PSO, Dawood Hercules, Fauji Fertiliser and Pakistan Oilfields, which finished with extended gains including some circuit breakers were said to be one of the market stabilisers.

The notable feature of the session was that some transactions were noted for the first time in Pakistan Petroleum and Pakistan Oilfields and Engro Chemical totalling 0.118m shares since the problems on the leveraged front crept in, paving the way for others to follow, floor brokers said.

But Ahsan Mehanti gives the credit to Pakistan State Oil directors who put a falling market back on the rails after having declared an interim dividend of 50 per cent.

“How a scrip having substantial weightage in the index together with some others blue chips, notably MCB Bank, Pakistan Oilfields could change the underlying sentiment was evident from the market performance on Tuesday,” he adds.

However, profit-selling at the inflated levels was one of the essential parts of stock trading and mostly it added to the inherent strength of the market amid hectic two-way trading.

Hasnain Asghar Ali feels the peace deal in Malakand and Swat and hopes the region will return to normalcy could keep the market in a good shape. “And added to it are higher corporate announcements pouring in every day from the major companies and investors are not in a mood to miss the rising market.

Major gainers were led by MCB Bank, EFU Life, Javedan Cement, National Refinery, PSO, Pakistan Oilfields, PECO, Dawood Hercules and some others, which rose by Rs5.15 to Rs6.77.

Losers were led by Rafhan Maize on post-dividend selling and Wyeth Pakistan, Lakson Tobacco and Shezan International, off by Rs15.29 to Rs105.88.

Other prominent losers included Shell Pakistan, Clover Pakistan, Tri-Pack Films, Pakistan Services and Sitara Chemicals, which suffered fall ranging from Rs5.59 to Rs9.60.

Trading volume slightly fell to 178m shares from 180m shares a day earlier, but losers held a modest lead over the gainers at 159 to 115, with 13 shares holding on to the last levels.

OGDC topped the list of actives, steady by 24 paisa at Rs54.13 on 22m shares, followed by JS & Co, unchanged at Rs33.78 on 13m shares, Fauji Fertiliser Bin Qasim, lower by 18 paisa at Rs17.52 on 10m shares, PTCL, easy by 47 paisa at Rs15.50, Bank Al-Habib, off 45 paisa at Rs13.40 on 8m shares, Arif Habib Securities, higher by Rs1.15 at Rs25.12 and Nishat Mills, off Rs1.14 at Rs26.47 on 7m shares.

NIB Bank followed them, lower by 26 paisa at Rs5.50 on 7m shares, National Bank, higher by Rs2.92 at Rs64.12 on 6m shares and Pakistan Oilfields, higher by Rs5.91 at Rs124.94 also on 6m shares.

FORWARD COUNTER: Leading oil shares came in for strong support under the lead of Pakistan Petroleum and Pakistan Oilfields on reports of fresh oil find and were traded for 65,000 and 50,000 shares unchanged at the overnight rates of Rs156 and Rs119.46, respectively.

MCB Bank, National Bank, Habib Bank, Engro Chemical, Fauji Fertiliser and some others also came in for active support and finished with sharp gains, but sans any transaction.

DEFUALTER COMPANIES: Zeal Pak Cement came in for modest profit-selling was marked down by two paisa at Rs0.33 on 1.550m shares followed by Invest Bank, lower by 70 paisa at Rs1.80 on 30,500 shares and Unity Modaraba, easy by one paisa at Rs0.19 on 29,000 shares.

Some others were fractionally.